WAYNE, Pa.--(BUSINESS WIRE)--Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/gdot) announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of purchasers of the securities of Green Dot Corporation ("Green Dot" or the "Company") (NASDAQ: GDOT) between January 26, 2012 and July 26, 2012 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/gdot.
The Complaint alleges that Green Dot and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges that defendants made false statements and failed to disclose the following material adverse facts: (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.
On July 26, 2012, Green Dot disclosed that it was updating its previously issued outlook for the remainder of the year to reflect the impact of new competition and new internal risk policies and controls. On this news, the Company's shares declined $14.26 to $9.06 per share on July 27, 2012.
If you are a member of the class, you may, no later than September 25, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/gdot or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.