Marqeta Inc. executives and directors touted the potential growth of its debit, prepaid, and credit card business in advance of disappointing financial results before its biggest selloff since going public, an investor alleges on behalf of the company.
The lowered guidance announced Nov. 4 caused a 43% stock selloff, subjecting the company to proposed class actions, Sam Ojserkis says in a shareholder derivative suit filed Friday in the US District Court for the Northern District of California.
That decline on Nov. 5 was the steepest in the company’s history, according to data compiled by Bloomberg.
The leadership failed to disclose ...
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