Kendall Law Group, a national securities firm led by a former federal judge with attorneys that include a former U.S. Attorney, is investigating Meta Financial Group, Inc. (NASDAQ: CASH) for shareholders. The investigation concerns whether Meta Financial engaged in unfair or deceptive acts or practices in violation of the Federal Trade Commission. Meta Financial shareholders are urged to contact Scott Kendall of the Kendall Law Group at 877-744-3728 or by email at firstname.lastname@example.org.
On October 12, 2010, Meta Financial filed a report announcing that the Office of Thrift Supervision (OTS) advised the Company that it determined that a Meta Financial unit, MetaBank, had engaged in unfair or deceptive acts or practices in violation of the Federal Trade Commission Act and the OTS Advertising Regulation in connection with the operation of Meta Financial’s iAdvance program, and required MetaBank to discontinue all iAdvance line of credit origination activity by October 13, 2010. Meta Financial stated that it anticipates the discontinuance of the iAdvance program and the potential discontinuance of the tax-related programs would “eliminate a substantial portion of [the Company's] gross profit. In addition, the discontinuance of the iAdvance program may result in elevated rates of nonpayment on outstanding iAdvance loans."
On October 18, 2010, Meta Financial made the announcement that the OTS temporarily blocked MetaBank “from entering into contracts, including adding new banks for selling cards under its Simplexes program.”
Following these announcements, the Company's stock fell from a $33.23 closing price on October 12, 2010, to a $13.29 closing price on October 19, 2010.Kendall Law Group has the credentials and experience to pursue any type of complex securities litigation. The firm helps shareholders exercise their power to protect their investments when companies break the law. If you are a Meta Financial shareholder, you are encouraged to contact the Kendall Law Group to learn more about your rights.