Dave (DAVE) and Chief Executive Jason Wilk are facing a complaint filed by the Justice Department for allegedly misleading consumers, the department said Monday.
The Department of Justice alleged that the financial technology company lured customers to its personal finance app by advertising cash advances of up to $500 that many would not receive.
The complaint seeks unspecified amounts of consumer redress and monetary civil penalties from the defendants, as well as a permanent injunction to prohibit them from engaging in future violations, the department said.
Dave did not immediately respond to MT Newswires' request for comment.
Shares of the company were down 7.7% in recent Tuesday premarket activity.
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