The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Green Dot Corporation (“Green Dot” or the “Company”) (NYSE:GDOT) between January 26, 2012 and July 26, 2012, inclusive (the “Class Period”).
Green Dot provides low-cost banking and payment solutions, including 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 are a member of the above-described Class, 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 any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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