BUZZ-Mark Cuban-backed Dave falls after US alleges deceptive practices

Shares of billionaire Mark Cuban-backed digital banking firm Dave DAVE.O drop 9.3% to $85.68

The U.S. Department of Justice on Monday filed a complaint against DAVE and its CEO, Jason Wilk, for allegedly deceptive practices

Company advertised instant cash advances of up to $500 for their consumers, but charged "hidden" fees that they do not clearly disclose - DoJ

The company and its CEO "very rarely offer consumers anywhere near the advertised $500" and "often do not offer any cash advance at all", the watchdog says

Many of the DoJ's claims were incorrect, Dave says, adding that it will defend itself

However, the company is rolling out a streamlined fee structure it had unveiled earlier to remove some of the fees at the center of the regulator's concerns

Stock has jumped more than 11-fold YTD, as of last close

(Reporting by Niket Nishant in Bengaluru)

((Niket.Nishant@thomsonreuters.com))