LOS ANGELES--()--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all purchasers of 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 widely distributed, low cost banking and payment solutions to a broad base of domestic consumers. The Company’s products and services include General Purpose Reloadable (“GPR”) prepaid cards. The Complaint alleges violations of federal securities laws and that throughout the Class Period the defendants made false and/or misleading statements and 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 Class described above, you may move the Court, no later than September 25, 2012, to serve as lead plaintiff; however, you must meet certain legal requirements. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. 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. If you wish to learn more about this action or 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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