Glancy Binkow & Goldberg LLP, representing investors of Green Dot Corporation (“Green Dot” or the “Company”) (NYSE:GDOT), announces that all purchasers of Green Dot securities between January 26, 2012 and July 26, 2012, inclusive (the “Class Period”), have until September 25, 2012 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Central District of California. The Complaint alleges violations of federal securities laws against Green Dot and certain of the Company’s executive officers.
Green Dot provides widely distributed, low cost banking and payment solutions to a broad base of domestic consumers. Green Dot’s products and services include General Purpose Reloadable (“GPR”) prepaid cards. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Green Dot’s business, operations and prospects. Specifically, the Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company’s new internal risk policies and procedures were negatively impacting Green Dot’s growth in new account activations; (2) that certain of Green Dot’s retailers were planning to start selling competitive GPR products in addition to the Company’s products; (3) that the Company lacked historical data to accurately predict how other retailers’ sales of competitive GPR products would impact Green Dot’s sales; and (4) that, as a result of the foregoing, the defendants’ positive statements about Green Dot’s business, operations and prospects, as well as those regarding Green Dot’s revenue outlook for the 2012 fiscal year, lacked a reasonable basis.
If you purchased Green Dot securities between January 26, 2012 and July 26, 2012, you may move the Court, no later than September 25, 2012 to serve as Lead Plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150, Toll-Free at 888-773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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