Levi & Korsinsky notifies investors that it has commenced an investigation into Dave Inc. (NASDAQ: DAVE) concerning potential violations of the federal securities laws.
Morningstar reported on December 31, 2024, that Dave recently announced updates to its fee structure in response to issues raised in the FTC's lawsuit, which was amended by the DOJ earlier this week. According to Morningstar, the FTC, initially filed a complaint in November 2024, accusing Dave of misleading marketing practices related to its cash advance services. According to Morningstar, on December 30, 2024, the DOJ amended its complaint to include Dave's CEO, Jason Wilk, as a named defendant. The amended complaint alleges that Dave and its CEO engaged in deceptive practices by imposing hidden fees and using a misleading app interface that encouraged users to provide substantial tips without offering a transparent option to avoid tipping. The DOJ is seeking civil penalties in the case. Following this news, shares of Dave Inc. stock fell over 10% during intraday trading on December 31, 2024.
If you suffered a loss on your Dave Inc. securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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