Visa Avoids Investor Class Action Over DOJ Suit, Stock Drops

Visa Inc. won’t have to face a proposed class action claiming the company and its top executives failed to disclose its allegedly anticompetitive practices, at least for now.

The shareholder who brought the suit failed to allege facts showing Visa’s roughly 6% stock price drop in September 2024 was in response to fraudulent statements, Judge Noël Wise of the US District Court for the Northern District of California said. Wise’s Wednesday order dismissed the case, but allowed Beibei Cai to file an amended complaint by Jan. 2.

The US Department of Justice sued Visa in September last year, alleging the ...