Class Action Lawsuit Filed Against Marqeta, Inc. Following Dramatic Stock Drop

The Law Offices of Frank R. Cruz has initiated a class action lawsuit on behalf of those who purchased Marqeta, Inc. (“Marqeta” or the “Company”) MQ securities between May 7, 2024 and November 4, 2024, known as the “Class Period.” If you are an investor affected by this situation, you must file a lead plaintiff motion by February 7, 2025.

Have you experienced a financial loss as a shareholder? Click here to participate.

Marqeta’s Disappointing Financial Report Triggers Stock Decline

On November 4, 2024, Marqeta revealed that its third quarter 2024 financial results fell short of expectations, along with lowered guidance for the fourth quarter. The Company explained that this “guidance reflects several changes that became apparent over the last few months regarding the increased scrutiny in the banking environment and specific changes in customer programs.”

As a result of this news, Marqeta’s stock plummeted by $2.53, or 42.5%, culminating in a closing price of $3.42 per share on November 5, 2024, leaving many investors at a loss.

Complaint Claims Misleading Statements and Inadequate Compliance Practices

The class action complaint asserts that, throughout the Class Period, the Defendants made materially false and/or misleading statements and omitted significant adverse information about Marqeta’s business and future prospects. Notably, the complaint indicates that the Company’s investment in compliance and program management was insufficient to address the regulatory scrutiny facing its banking partners. This shortfall led to extended onboarding delays for new customers. Consequently, the Defendants’ positive assertions about Marqeta’s business were seen as misleading or completely unfounded during this time.

Stay Informed and Get Help

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If you have purchased Marqeta securities, possess relevant information, or wish to learn more about your rights regarding these claims, please contact Frank R. Cruz at The Law Offices of Frank R. Cruz, located at 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067. You can reach him at 310-914-5007, via email at info@frankcruzlaw.com, or visit the website at www.frankcruzlaw.com.

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View the source version on businesswire.com: https://www.businesswire.com/news/home/20241213210465/en/