1. Dave Inc. faces civil action from Justice Department and FTC for misleading consumers. 2. Allegations include deceptive advertising of cash advances and hidden fees. 3. Dave shares dropped by over 10% on December 31, 2024, post-announcement. 4. Investors are encouraged to seek claims for potential damages and corporate reforms. 5. Moore Law is investigating potential legal claims against Dave for shareholders.
The lawsuit and allegations have a significant negative effect on investor confidence, seen in the 10% share drop. Legal challenges often lead to long-term financial impacts, especially for companies in emerging industries.
The article details a major legal issue that could fundamentally alter Dave's operations and market standing. Given the potential financial repercussions and investor interest, this carries significant importance.
The ongoing legal proceedings could have prolonged effects on Dave's operations and reputation, similar to past enforcement actions in the tech sector that hurt market perception.
NEW YORK, Jan. 9, 2025 /PRNewswire/ -- Moore Law, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
Dave Inc. is a financial services company that provides digital banking services, including cash advances, budgeting tools, and side hustle job applications. Dave's headquarters are in Los Angeles, California.
On December 30, 2024, the Justice Department, together with the Federal Trade Commission (FTC), announced a civil enforcement action against Dave Inc. and its co-founder, President, Chief Executive Officer and Chairman of the Board of Directors, Jason Wilk, for alleged violations of the FTC Act and the Restore Online Shoppers' Confidence Act (ROSCA). The government's lawsuit alleges that the defendants misled consumers by deceptively advertising Dave's cash advances, charging hidden fees, misrepresenting how Dave uses customers' tips and charging recurring monthly fees without providing a simple mechanism to cancel them.
On this news, Dave shares opened at $84.00 on December 31, 2024, representing a drop of over 10% from the day before.
If you own DAVE shares, you are encouraged to contact us at [email protected] or call (212) 709-8245.
You may be able to seek damages, corporate reforms, reimbursement to the company, and a court approved incentive award at no cost to you whatsoever.
Moore Law is a NYC plaintiff contingency litigation law firm for investors. We have extensive experience representing shareholders. We hold officers and directors accountable for breaches of fiduciary duty, fraud, insider trading, wasteful spending, and other corporate misconduct. Our individual clients do not pay for our investor litigation services. There is no cost to you ever.
MOORE LAW PLLC
Fletcher Moore, Esq.
(212) 709-8245
[email protected]
fmoorelaw.com
SOURCE Moore Law PLLC