Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (
) today announced that a class action has been commenced in the United States District Court for the Northern District of Iowa on behalf of purchasers of Meta Financial Group, Inc. (“Meta Financial”) (NASDAQ:CASH) common stock during the period between May 14, 2009 and October 15, 2010 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from October 22, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at
. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at
. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Meta Financial and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Meta Financial, through its wholly-owned banking subsidiaries, provides a range of financial services.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. Specifically, defendants failed to disclose that the Company had engaged in unfair or deceptive acts or practices in violation of Federal Trade Commission (“FTC”) and Office of Thrift Supervision (“OTS”) laws and regulations in connection with the Company’s operation of its highly profitable iAdvance program. As a result of defendants’ false statements, Meta Financial stock traded at artificially inflated prices during the Class Period, reaching a high of $36.72 per share on August 23, 2010.