Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Visa To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in Visa between November 16, 2023 and September 23, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – December 28, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Visa Inc (NYSE:). (“Visa” or the “Company”) (NYSE: V) and reminds investors of the January 21, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Visa was not in compliance with federal antitrust laws; (2) Visa did not have effective internal programs and policies to assess and control compliance with federal antitrust laws; and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 24, 2024, during market hours, the United States Department of Justice issued a release entitled “Justice Department Sues Visa for Monopolizing Debit Markets.” In this release, the DOJ announced that it had “filed a civil antitrust lawsuit today against Visa for monopolization and other unlawful conduct in debit network markets[.]” The release further stated the “complaint alleges that Visa illegally maintains a monopoly over debit network markets by using its dominance to thwart the growth of its existing competitors and prevent others from developing new and innovative alternatives.”
The release quoted Attorney General Merrick Garland as stating “[w]e allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market[.] Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”
On this news, Visa’s stock fell 5.4% on September 24, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Visa’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234702
