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

Dave

05/11/2024 21:54

** Shares of digital banking service Dave  DAVE.O  fall
12.2% to $33.05 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
    ** As of last close, DAVE shares up 349% YTD

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