** Benchmark says the recent pullback in shares of the Mark Cuban-backed digital banking firm Dave is an opportunity for investors to either increase their holdings or initiate new positions in the stock
** DAVE stock fell 8% on Tuesday after the U.S. Justice Department filed a complaint and announced a civil enforcement action against the company and its CEO, Jason Wilk, for alleged violations of federal law
** Company earlier this week said that many of the claims were incorrect and it plans to defend itself
** The DOJ lawsuit can be viewed as an 11th-hour action by outgoing staff that "may prove out of sync with the approaches and priorities of their successors" - brokerage
** Benchmark adds that the incoming Trump administration is likely to interpret the issues at hand in the case through a much more business-friendly lens
** DAVE stock soared 936.6% in 2024
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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