Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Green Dot Corporation

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces that shareholders of Green Dot Corporation (“Green Dot” or the “Company”) (NYSE:GDOT) have until September 25, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Central District of California. The lawsuit was filed on behalf of a class (the “Class”) comprising all persons or entities who purchased Green Dot securities 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 the defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s new internal risk policies and procedures were negatively impacting Green Dot’s growth in new account activations; (2) certain of Green Dot’s retailers were planning to start selling competitive GPR products in addition to the Company’s products; (3) the Company lacked historical data to accurately predict how other retailers’ sales of competitive GPR products would impact Green Dot’s sales; and (4), 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. You may retain counsel of your choice or take no action and remain an absent Class member. If you wish to discuss this action or have any questions concerning this Notice 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 [e-mail].

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