LOS ANGELES, CA / ACCESSWIRE / February 13, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Green Dot Corporation ("Green Dot" or "the Company") (NYSE:GDOT) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between May 9, 2018 and November 7, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before February 17, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Green Dot's focus on attracting "high value" consumer banking customers came at the expense of so-called "low value" or "one-time use" customers, which are an important part of the Company's revenue stream. During the November 7, 2019, conference call following the release of its financial results for the third quarter ending September 30, 2019, the company's CEO admitted a continuing decline of active accounts which were mostly "one-time use accounts." Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Green Dot, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm