Dave Inc.

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Investigation Details

Morningstar reported on December 31, 2024, that Dave recently announced updates to its fee structure in response to issues raised in the FTC’s lawsuit, which was amended by the DOJ earlier this week.

According to Morningstar, the FTC, initially filed a complaint in November 2024, accusing Dave of misleading marketing practices related to its cash advance services.

According to Morningstar, on December 30, 2024, the DOJ amended its complaint to include Dave’s CEO, Jason Wilk, as a named defendant. The amended complaint alleges that Dave and its CEO engaged in deceptive practices by imposing hidden fees and using a misleading app interface that encouraged users to provide substantial tips without offering a transparent option to avoid tipping. The DOJ is seeking civil penalties in the case.

Following this news, shares of Dave Inc. stock fell over 10% during intraday trading on December 31, 2024.