Visa Hit With Investor Class Action Following DOJ Antitrust Suit

Visa Inc. and its top executives misled investors about its compliance with federal antitrust laws and the risks of “damaging antitrust investigations being conducted by federal regulators,” a proposed class action alleges.

The suit, filed in the US District Court for the Northern District of California, asserts the company and three of its top officers—the CEO, CFO, and CAO—violated the Exchange Act by failing to disclose in federal securities filings that Visa “was in violation of federal antitrust law,” which came to light in September in the US Department of Justice’s suit against the company.

Beibei Cai filed the suit ...