BUZZ-Dave pullback an opportunity for investors to add to stock, Benchmark says

Reuters

Jan 03, 2025

** 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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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;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}