The Class Period begins on November 15, 2023, when Visa filed with the SEC its annual report on Form 10-K for the period ended September 30, 2023. Specifically, in the annual report, with respect to the company’s compliance with business regulations, Visa stated: “We are subject to complex and evolving global regulations that could harm our business and financial results. Our compliance programs and policies are designed to support our compliance with a wide array of regulations and laws, such as regulations regarding anti-money laundering, anti-corruption, competition, money transfer services, privacy and sanctions, and we continually adjust our compliance programs as regulations evolve.”
Then, on September 24, 2024, during market hours, the U.S. Department of Justice (“DOJ”) issued a release entitled “Justice Department Sues Visa for Monopolizing Debit Markets,” announcing that the DOJ had “filed a civil antitrust lawsuit today against Visa for monopolization and other unlawful conduct in debit network markets[.]” Specifically, the DOJ “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.” On this news, the price of Visa stock fell 5.4%, to close at $272.78 per share on September 24, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed 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.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member. …...more
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