Marqeta, Inc. (NASDAQ: MQ) is facing a shareholder derivative lawsuit filed in federal court on February 4, 2025, alleging breaches of fiduciary duties by certain officers and directors between May 7, 2024 and November 4, 2024 (the “Relevant Period”).
Alleged Misleading Statements and Breach of Fiduciary Duties
During the Relevant Period, the individual defendants allegedly breached their fiduciary duties by making or causing Marqeta to make materially false and misleading statements about its business, operations, and prospects. Specifically, the defendants allegedly failed to disclose the following:
- Marqeta underestimated the negative impact of enhanced regulatory scrutiny in the smaller banking industry on its operations and outlook.
- As a result, Marqeta would be forced to reduce its guidance for Q4 2024.
Consequences of the Alleged Actions
As a result of these alleged false and misleading statements, Marqeta’s statements about its business were deemed to be materially false and lacked a reasonable basis during the Relevant Period. Additionally, the individual defendants allegedly breached their fiduciary duties by causing Marqeta to repurchase its stock at artificially inflated prices due to their misrepresentations and material omissions.
Stay Informed & Protect Your Rights
To learn more about the Marqeta shareholder derivative action or discuss potential legal claims, please send us a message or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, no-obligation legal evaluation.
Kehoe Law Firm’s legal services are provided on a contingency-fee basis, meaning you are not responsible for any fees or litigation expenses.
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff-side class action law firm specializing in securities fraud, breaches of fiduciary duties, and corporate misconduct. Collectively, the firm’s partners have served as Lead Counsel or Co-Lead Counsel in high-profile cases that have recovered more than $10 billion for both institutional and individual investors.
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