According to the lawsuit, throughout the Class Period, Marqeta and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Marqeta understated the regulatory challenges affecting its business outlook; and (2) as a result, Marqeta would have to lower its guidance for the fourth quarter of 2024.

On November 4, 2024, the Company issued a press release entitled “Marqeta Reports Third Quarter 2024 Financial Results.” In addition to reporting its third quarter results, Marqeta announced lower fourth quarter guidance which reflected “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, the price of Marqeta stock fell $2.53 per share – more than 42% – from a close of $5.95 per share on November 4, 2024 to close at $3.42 per share on November 5, 2024.

Investors who purchased or acquired Marqeta securities between May 7, 2024 through November 4, 2024, may no later than February 7, 2025, seek to be appointed as a lead plaintiff representative of the class.