Marqeta, Inc. Faces Class Action Lawsuit

Notice to Investors

NEW YORK, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") has announced that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California. This action is on behalf of anyone who purchased or otherwise acquired Marqeta, Inc. ("Marqeta" or the "Company") MQ securities during the period from August 7, 2024, to November 4, 2024, inclusive (referred to as the "Class Period").

Important Deadlines

The deadline for investors who wish to serve as lead plaintiff in this case is February 7, 2025.

All investors who bought shares and incurred financial losses are encouraged to contact Wolf Haldenstein right away via email at [email protected] or through their hotline at (800) 575-0735 or (212) 545-4774. Those seeking more information or wishing to join the case can also visit the law firm's website.

Allegations Against Marqeta, Inc.

The lawsuit alleges that Marqeta failed to adequately disclose regulatory challenges impacting its business outlook. Consequently, the company was expected to revise its revenue guidance for the fourth quarter of 2024 downward.

The lawsuit claims that on November 4, 2024, Marqeta announced its financial results for the third quarter of 2024 after market hours. In this announcement, the company provided fourth quarter guidance that projected only 10-12% net revenue growth and 13-15% gross profit growth, which were significantly lower than the previously anticipated figures of 16-18% for net revenue and 22-24% for gross profit.

Furthermore, the press release indicated that the revised guidance was due to "changes that became apparent over the last few months" regarding increased scrutiny in the banking industry and alterations to specific customer programs.

As a result of these disclosures, Marqeta’s stock saw a dramatic decrease, plummeting $2.53 or 42.5%, closing at $3.42 per share on November 5, 2024.

Investor Rights

If you have experienced financial losses due to your investment in Marqeta, you may request that the Court appoint you as the lead plaintiff by contacting Wolf Haldenstein by February 7, 2025. The firm is well-versed in handling securities class actions and other shareholder litigation across various federal and state courts. With offices located in New York, Chicago, Nashville, and San Diego, Wolf Haldenstein is recognized for its expertise and has a proven track record in complex securities cases.

For any inquiries or for further information regarding your rights in this matter, please reach out to Wolf Haldenstein without delay.

Legal Disclaimer

This press release might be considered as attorney advertising in certain jurisdictions based on applicable laws and ethical considerations.

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