Robbins LLP is Investigating Allegations that Marqeta, Inc. (MQ) Failed to Disclose the Impact of Regulatory Scrutiny on its Business Prospects

Robbins LLP announces that a class action was filed on behalf of all persons and entities who purchased or otherwise acquired Marqeta, Inc. (NASDAQ: MQ) securities between August 7, 2024 and November 4, 2024. Marqeta creates digital payment technology for innovation leaders.

The Allegations

According to the complaint, during the class period, defendants failed to disclose that Marqeta understated the regulatory challenges affecting its business outlook and therefore, would have to cut its guidance for the fourth quarter of 2024.

The complaint alleges that on November 4, 2024, Marqeta announced third quarter 2024 financial results and revised its fourth quarter projections to "reflect[] 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." The complaint further alleges that Marqeta's CEO and CFO actually knew of the heightened regulatory scrutiny affecting the Company's business from the beginning of the year, which they revealed in connection with the November 4 announcement.  

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

What Now: You may be eligible to participate in the class action against Marqeta, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 7, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.