BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming February 7, 2025 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Marqeta, Inc. (“Marqeta” or the “Company”) (NASDAQ: MQ) securities between May 7, 2024 and November 4, 2024, inclusive (the “Class Period”).
Investors suffering losses on their Marqeta investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com.
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.
If you purchased or otherwise acquired Marqeta securities during the Class Period, you may move the Court no later than February 7, 2025 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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