#United States #California #Securities Class Action #Wolf Haldenstein #Marqeta

Class Action Alert for Marqeta, Inc.

In a significant legal development, Marqeta, Inc. has become the target of a securities class action lawsuit filed in the United States District Court for the Northern District of California. This lawsuit, initiated by the law firm Wolf Haldenstein Adler Freeman & Herz LLP, aims to represent all individuals and entities that purchased or acquired Marqeta securities between August 7, 2024, and November 4, 2024.

Background on the Lawsuit

The allegations against Marqeta are serious, claiming that the company misrepresented the regulatory challenges it faced, which ultimately impacted its financial outlook. Specifically, the complaint asserts that Marqeta issued misleading public statements that failed to reflect the reality of its situation. As a result, when the company adjusted its guidance for the fourth quarter of 2024, investors were left uncertain and potentially misled.

The lawsuit arose after Marqeta's November 4, 2024 press release, which included its third quarter financial results alongside a downward revision of its fourth quarter estimates. Previously projecting a net revenue growth of 16-18% and gross profit growth of 22-24%, the company brought the new guidance down to 10-12% and 13-15%, respectively. This change was attributed to heightened scrutiny in the banking sector and changes in specific customer programs.

Impact on Investors

The ramifications for investors were immediate. Following the announcement, Marqeta's stock plummeted by $2.53 per share, representing a staggering 42.5% decrease, closing at $3.42 on November 5, 2024. This sharp decline has raised alarms among shareholders, many of whom are now evaluating their options in light of the lawsuit.

Investors who have suffered losses and wish to assert their rights are encouraged to contact Wolf Haldenstein as soon as possible. The deadline to request lead plaintiff status in the class action is February 7, 2025. The firm specializes in securities class actions and has a proven track record of taking on complex litigation in both state and federal courts.

Contact Information

Interested parties can reach out to Wolf Haldenstein at (800) 575-0735 or via email at [email protected]. More information is available on their website, which includes resources for understanding the case further and joining the class action if eligible.

Wolf Haldenstein, with offices in cities such as New York, Chicago, Nashville, and San Diego, is well-regarded for its success in litigation concerning shareholder rights and securities fraud. The legal firm’s reputation and expertise have been recognized by various courts, often securing major positions in significant securities cases.

Conclusion

As this situation unfolds, investors are urged to remain vigilant and proactive, especially those who believe they may be impacted by the alleged misconduct of Marqeta, Inc. The outcome of the lawsuit may set important precedents in the realm of securities litigation. For ongoing updates regarding this case, stakeholders can follow announcements from Wolf Haldenstein and monitor Marqeta's disclosures closely.