Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating certain directors and officers of Green Dot Corporation (“Green Dot”) (NYSE: GDOT) for breaching their fiduciary duties to Green Dot and its shareholders. If you are a Green Dot shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or email@example.com.
Scott+Scott is investigating whether Green Dot’s board of directors or senior management caused Green Dot to violate securities laws in breach of their fiduciary duties to Green Dot and whether Green Dot has suffered damages as a result.
On May 8, 2019, Green Dot disclosed an “erosion in the number of legacy product line, non-direct deposit active accounts,” that its strategy “to attract high-value long-term customers” at the expense of low value customers had negatively affected performance, and a $60 million investment “for the purpose of aggressively marketing our new products.”
On August 7, 2019, Green Dot reported an “accelerated loss of unit sales in [its] prepaid product lines, resulting in lower active accounts from both non-reloading customers and cash reloading customers. Then, on November 7, 2019, Green Dot announced quarterly earnings results including a continuing decline in its active consumer business of approximately 620,000 accounts, mostly “one-time use accounts.” Finally, on December 18, 2019, Green Dot announced the departure of both its Chief Executive Officer and Chief Financial Officer.
What You Can Do
If you are a Green Dot shareholder, you may have legal claims against Green Dot’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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