Lowey Dannenberg, P.C. is Investigating Dave, Inc. (NASDAQ: DAVE) for Potential Violations of the Federal Securities Laws
Key Highlights
- ➤Dave disclosed regulatory inquiries and subpoenas across Connecticut, Maryland, and New York.
- ➤New York subpoenas cover Dave’s marketing, advertising, fees, terms, and consumer communications.
- ➤Dave warned regulatory matters could cause significant costs, penalties, and operational impact.
- ➤Dave shares fell $60.88, or approximately 18.1%, after the disclosure.
Expert Statements
Andrea Farah, Partner and head of the securities practice at Lowey Dannenberg, P.C.
“Our investigation concerns whether the company and its executives provided investors with accurate and complete information about the company.”
NEW YORK, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating Dave, Inc. (NASDAQ: DAVE) (“Dave” or the “Company”) for potential violations of the federal securities laws.
On November 4, 2026, Dave filed its Quarterly Report on Form 10-Q with the SEC, disclosing that it had received inquiries and subpoenas from regulators and state Attorneys General in Connecticut, Maryland, and New York. These include licensing inquiries from the Connecticut and Maryland banking regulators, a subpoena from the Maryland Attorney General “requesting information regarding any earned wage access and related products that we offer in the state of Maryland,” and subpoenas from the New York State Department of Financial Services and the New York Attorney General concerning Dave’s marketing, advertising practices, fees, terms and conditions, and consumer communications. The Company warned that “the defense or resolution of these matters could involve significant monetary costs or penalties and have a significant impact on our financial results and operations.” The investigation concerns whether Dave and its officers and/or directors made false and/or misleading statements and/or failed to disclose the regulatory risks associated with its earned wage access products, fees, and marketing practices, and whether the Company had a reasonable basis for its positive statements about its business, regulatory compliance, and prospects.
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