Dave dips on US FTC lawsuit for allegedly misleading users over cash advances

Dave

05/11/2024 22:52

(Updates)
    ** Shares of digital banking service Dave  DAVE.O  fall 1.8%
to $37 after the bell
    ** U.S. Federal Trade Commission (FTC) sues DAVE for
allegedly misleading users of its personal finance app by
offering cash advances that few received
    ** FTC complaint alleges DAVE rarely provides advertised
advance amounts, charges "tip" fee to consumers without their
knowledge
    ** DAVE says "disappointed" that FTC has chosen to file suit
against the company
    ** "This case is another example of regulatory overreach by
the FTC, and we intend to vigorously defend ourselves" — DAVE
    ** As of last close, DAVE shares up 349% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))