ATLANTA, GA--(Marketwire -08/24/12)- A class action lawsuit has been filed on behalf of investors who purchased shares of Green Dot Corporation ("Green Dot" or the "Company") (GDOT) between January 26, 2012 and July 26, 2012, inclusive (the "Class Period"). The lawsuit, which was filed in the in the United States District Court for the Central District of California, alleges Green Dot issued statements during the Class Period which were materially false and misleading at the time they were made. Specifically, the suit alleges: (i) that the Company's new internal risk policies and procedures were negatively impacting Green Dot's growth in new account activations; (ii) that certain of Green Dot's retailers were planning to start selling competitive General Purpose Reloadable ("GPR") prepaid cards in addition to the Company's products; (iii) that the Company lacked historical data to accurately predict how other retailers' sales of competitive GPR products would impact Green Dot; and (iv) the defendants' positive statements about Green Dot's business and revenue outlook for 2012 lacked a reasonable basis.
If you purchased Green Dot common stock during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than September 25, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Investors who are interested in serving as lead plaintiff or who have questions concerning their legal rights may contact Michael I. Fistel, Jr., Esq. (email@example.com) or Marshall P. Dees, Esq. (firstname.lastname@example.org) by email or via toll-free telephone at (888) 508-6832.
While Holzer Holzer & Fistel, LLC has not yet filed a complaint in this matter, the firm dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.