Marqeta, Inc.
| Company Name | Marqeta, Inc. |
| Stock Symbol | MQ |
| Class Period | May 07, 2024 to November 04, 2024 |
| Lead Plaintiff Motion Deadline | February 07, 2025 |
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.
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