Green Dot Corporation
Lead Plaintiff Deadline: 02/17/2020
SUMMARY OF CASE:
A securities class action has been filed against Green Dot Corporation (GDOT) on behalf of all investors who purchased or otherwise acquired Green Dot securities between May 9, 2018 through November 7, 2019. This case has been filed in the USDC – N.D.Cal.
The Complaint alleges that the statements were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Green Dot’s strategy to attract “high-value” long-term customers was at the expense of “one and done” customers; (2) Green Dot’s “one and done” customers represented a significant source of revenues in its legacy segment; (3) consequently, Green Dot’s strategy was self-sabotaging; and (4) as a result of the foregoing, Defendants’ statements about its business and operations were materially false and misleading at all relevant times.