Green Dot Corporation GDOT Securities Lawsuit

Company:	Green Dot Corporation
Ticker Symbol:	GDOT
Class Period:	Jan-26-12 to Jul-26-12
Date Filed:	Jul-31-12
Lead Plaintiff Deadline:	Sep-29-12
Court:	Central District of California
Allegations:

New York, NY: A securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all purchasers of Green Dot securities between January 26, 2012 and July 26, 2012, inclusive (the "Class Period"). The Class Action Complaint alleges violations of federal securities laws against the Company and certain of its executive officers. No class has yet been certified in this action.

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' 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' new internal risk policies and procedures were negatively impacting Green Dot' growth in new account activations; (2) that certain of Green Dot' retailers were planning to start selling competitive GPR products in addition to the Company' products; (3) that the Company lacked historical data to accurately predict how other retailers' sales of competitive GPR products would impact Green Dot' sales; and (4) that, as a result of the foregoing, the defendants' positive statements about Green Dot' business, operations and prospects, as well as those regarding Green Dot' revenue outlook for the 2012 fiscal year, lacked a reasonable basis.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Green Dot Corporation GDOT Securities Fraud Legal Help

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Published on Aug-1-12