When the DOJ officially filed its complaint the next day, Visa’s stock price plummeted by $15.85 per share, representing a 15% drop, and closing at $272.78.
Legal Claims and Ongoing Litigation
The shareholder derivative suit accuses Visa’s leadership of:
- Unjust enrichment
- Gross mismanagement
- Wasting corporate assets
- Violations of the Exchange Act
Additionally, Visa is already facing a securities class action in California federal court over allegations that it misled investors about its anticompetitive behavior.
Attorneys for Ho and a Visa spokesperson did not immediately respond to requests for comment.
Ho is represented by Robert C. Moest and Timothy Brown of The Brown Law Firm PC. Legal counsel for Visa and its executives was not immediately available.
