10:46 AM EST, 12/31/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

Dave ( DAVE ) shares were down 9% in recent trading Tuesday after the company denied Justice Department allegations of misleading customers with promises of cash advances, calling the complaint a case of "government overreach."

The Department of Justice said Monday it filed a complaint against Dave ( DAVE ) and Chief Executive Jason Wilk alleging that the company lured customers to its personal finance app by advertising cash advances of up to $500 that many would not receive.

"We believe that we have always acted within the law, and we have continued to rely on the fact that other government agencies have previously reviewed the company's business model without taking action," Dave ( DAVE ) said.

In relation to the complaint, Dave ( DAVE ) said it will implement a new fee structure on its platform in early 2025 that eliminates optional tips and express fees for the ExtraCash offering.

Price: 85.87, Change: -8.59, Percent Change: -9.09