The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Marqeta, Inc. (MQ) Investors

Published 15 days ago via Business Wire

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Marqeta, Inc. (“Marqeta” or the “Company”) (NASDAQ: MQ) securities between May 7, 2024 and November 4, 2024, inclusive (the “Class Period”). Marqeta investors have until February 7, 2025 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On November 4, 2024, Marqeta released weaker-than-expected third quarter 2024 financial results and fourth quarter 2024 guidance. The Company explained its “guidance reflects several changes that became apparent over the last few months with regards to the heightened scrutiny of the banking environment and specific customer program changes.”

On this news, Marqeta’s stock price fell $2.53, or 42.5%, to close at $3.42 per share on November 5, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Marqeta’s investment in compliance and program management capabilities were inadequate to deal with regulatory scrutiny facing its banking partners leading to significantly longer onboarding delays for new customers; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Marqeta securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Marqeta, Inc. (MQ) Investors

Contacts