October 22, 2009 at 12:27 PM EDT
Stull, Stull & Brody Announces Investigation on Behalf of Participants and Beneficiaries of the Advanta Corp. 401(K) Plan and Employee Stock Ownership Plan

Attorney Advertising. Stull, Stull & Brody announced today that it has commenced an investigation relating to the 401(k) defined contribution retirement plan and employee stock ownership plan of Advanta Corp. (“Advanta”) (NASDAQ:ADVNA; NASDAQ:ADVNB). Among other things, Stull, Stull & Brody is investigating whether fiduciaries of the Advanta 401(k) plan and employee stock ownership plan may have violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by failing to disclose the Company’s true operating condition to participants and beneficiaries of the plans (including disclosures relating disclosures of the impact of the economic environment and the deteriorating credit trends on its business and the Company’s recording of losses for its impaired loans and customer delinquencies, which may have caused the Company’s financial results to be materially false), by offering Advanta stock as an investment option under the plans when it was not prudent to do so, and/or by allowing an imprudent overconcentration of Company stock in the Company’s 401(k) plans.

If you held Advanta stock in an individual account under any the Company’s 401(k) plan or employee stock ownership plan you may, if you wish, consult with a representative of Stull, Stull & Brody at no cost or obligation. The contact information for Stull, Stull & Brody is as follows:

Email: Advanta@ssbny.com

Fax: (212) 490-2022
Toll Free Number: 1-800-337-4983
(Michael J. Klein, Esq.)
Mail: Stull, Stull & Brody
6 East 45th Street
New York, NY 10017

Stull, Stull & Brody has extensive experience in protecting the rights of 401(k) plan participants and beneficiaries and shareholders of public companies. Stull, Stull & Brody is presently representing classes of 401(k) plan participants in many class action cases throughout the country. Stull, Stull & Brody maintains offices in New York and Los Angeles.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Contacts:

Stull, Stull & Brody
Michael J. Klein, Esq.
Toll Free Number: 1-800-337-4983
Fax: 212-490-2022
Advanta@ssbny.com
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