Marqeta ($MQ) Investor Settlement

The parties have reached an agreement to settle the case, but the terms are still being finalized. You can submit your application now, and it will be processed once claims filing opens.

N.D. California

Court

4:24-cv-08874

Case number

02/28/2024

Class period Start

11/04/2024

Class period End

Marqeta has reached a settlement with $MQ investors to resolve claims that it misled them about its dependence on Block and the sustainability of its growth at the time of its 2021 IPO.

Outline:

Marqeta went public in June 2021, touting broad adoption and rapid growth, but investors later alleged it was far more dependent on Block for revenue than disclosed. As concentration and growth concerns mounted, $MQ fell sharply, investors sued, and Marqeta later reached a settlement.

Timeline:
June 2021: Marqeta completed its IPO, raising approximately $1.2 billion.
2022: Analysts and media began questioning Marqeta’s dependence on Block for revenue.
2022–2023: $MQ dropped significantly amid slowing growth and customer-concentration concerns.
April 2024: Investors filed a class action complaint.
December 2025: Marqeta reached a tentative settlement to resolve the claims.
Background:

Marqeta positioned itself as a modern card-issuing platform with a wide customer base as it entered the public markets in 2021. The lawsuit description claims investors were led to believe Marqeta’s growth was broadly supported by customer adoption across its platform.

The complaint alleges Marqeta did not adequately disclose the extent to which Block generated a disproportionate share of its revenue. After the IPO, analysts and commentators scrutinized this customer concentration risk and questioned how much overall growth depended on Block’s volume.

The lawsuit also claims Marqeta overstated the durability of its expansion, minimized the risk of customer churn, and presented an overly optimistic picture of its profitability trajectory. As these concerns surfaced and growth slowed, $MQ declined significantly, and investors alleged they suffered losses as a result.

What Can Investors Expect Now?

Marqeta has reached a settlement with $MQ investors to resolve claims tied to disclosures about its reliance on Block and the sustainability of its growth around its 2021 IPO.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section.

Case Type

US Securities Class Action

Case Status

Tentative Settlement

Alleged Offence

Misleading Statements,

Failure to Disclose

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Filing date

12/09/2024

Lead Plaintiff Deadline

02/07/2025

Plaintiffs

Wilson Wai

Attorneys

The Rosen Law Firm, P.A.

Defendants

Simon Khalaf ; Michael Milotich

Trades matching type

FIFO

Frequently Asked Questions

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