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Lawsuit filed for Investors in shares of Green Dot Corporation (NYSE: GDOT)

01-16-2020 07:49 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Green Dot Corporation (NYSE: GDOT) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Green Dot Corporation (NYSE: GDOT) shares over alleged securities laws violations.

An investor, who purchased shares of Green Dot Corporation (NYSE: GDOT), filed a lawsuit over alleged Securities Laws violations by Green Dot Corporation in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Green Dot Corporation (NYSE: GDOT) have certain options and for certain investors are short and strict deadlines running. Deadline: February 17, 2020. NYSE: GDOT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Pasadena, CA based Green Dot Corporation operates as a financial technology and bank holding company in the United States. On February 20, 2019, Green Dot Corporation CEO Steven W. Streit revealed during the FY 2018 conference call that the Company’s strategy of attracting “high-value” long-term customers at the expense of “one and done” customers was self-sabotaging, stating, “…that we are somewhat a victim of our own success in converting more and more of our quarterly active accounts to direct deposit active accounts.” These “one and done” customers represented a significant source of revenue in the Company’s legacy segment.
On May 8, 2019, Green Dot Corporation released its financial results for the first quarter of 2019, announcing dramatically reduced earnings guidance. During a conference call, the Company disclosed that it was “experiencing some erosion in the number of legacy product line, non-direct deposit active accounts, primarily from our legacy brick and mortar retail channel and to a lesser degree from our RushCard and account now digital direct brands.” On this news, Green Dot’s share price dropped over 26%.
Then, on August 7, 2019, Green Dot Corporation released financial results for the second quarter of 2019, announcing another guidance reduction and disclosing “lower than anticipated prepaid unit sales that has caused a material reduction in active prepaid accounts”.

On November 7, 2019, the Company revealed a decline of 620,000 accounts in its active consumer business, mostly “one-time use accounts.”

The plaintiff claims that between May 9, 2018 and November 7, 2019, Green Dot made false and/or misleading statements and/or failed to disclose that Green Dot's strategy to attract "high-value" long-term customers was at the expense of "one and done" customers, that Green Dot's "one and done" customers represented a significant source of revenues in its legacy segment, that consequently, Green Dot's strategy was self-sabotaging, and that as a result of the foregoing, Defendants' statements about its business and operations

Those who purchased shares of Green Dot Corporation (NYSE: GDOT) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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