INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against Higher One Holdings, Inc.
LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP reminds investors of Higher One Holdings, Inc. (“Higher One” or the “Company”) (NYSE:ONE) that all purchasers of Higher One securities between August 7, 2012 and May 12, 2014, inclusive (the “Class Period”), have until July 28, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
“is likely to include demands for material customer restitution, material civil money penalties, and changes to certain of our business practices and could have a material adverse effect on our business, financial condition and results of operations.”
Please contact us at (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Higher One provides technology-based refund disbursement, payment processing and data analytics services to higher education institutions and students in the United States. The Complaint alleges that throughout the Class Period defendants issued false and misleading statements or failed to disclose material adverse facts concerning the Company’s business and operations. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company’s marketing and disclosure practices were in violation of the Federal Trade Commission Act; (2) the Company’s allegedly improper marketing and disclosure practices would subject Higher One to potential restitution demands and civil penalties; and (3) the potential restitution demands and civil penalties could reach levels that would cause an event of default under the Company’s Credit Facility.
On May 13, 2014, the Company disclosed that the Board of Governors of the Federal Reserve System advised Higher One on May 9, 2014, of the Board of Governors’ determination to seek an administrative order against the Company with respect to potential violations of the Federal Trade Commission Act relating to the Company’s marketing and disclosure practices related to the OneAccount option for financial aid refund. According to the Company, any administrative order arising out of this matter “is likely to include demands for material customer restitution, material civil money penalties, and changes to certain of our business practices and could have a material adverse effect on our business, financial condition and results of operations.” Following this news, the price of Higher One shares dropped more than 14 percent, or $0.90 per share, on heavy trading volume, to a closing price of $5.51 per share on May 13, 2014.
If you are a member of the Class described above, you may move the Court no later than July 28, 2014, 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 member of the Class. If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (646) 539-8980, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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