Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Visa Inc. (NYSE: V) who purchased shares between November 16, 2023 and September 23, 2024.
Visa and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 24, the United States Department of Justice filed suit against the Company for four separate violations of the Sherman Antitrust Act alleging, among other things, that the Company leverages dual-sided network effects, afforded to it by its existing monopoly position on both sides of the payment processing market, to freeze out smaller competition and cement its market dominance and further abuses that power by coercing merchants to exclusively use its payments processing platform, thereby causing harm to consumers.
On this news, the price of Visa’s shares fell $1.48, or 5.38%, to close at $26.03 per share on September 24, 2024, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 20, 2025 to request that the court appoint them lead plaintiff.