BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors that all purchasers of the securities of Higher One Holdings, Inc. (“Higher One” or the “Company”) (NYSE:ONE) 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.
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 defendants issued false and misleading statements or failed to disclose material adverse facts throughout the Class Period concerning the Company’s business and operations, including 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. Following this news, the price of Higher One shares dropped more than 14% 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, if you 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.