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Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Green Dot Corporation

Stocks in this article: GDOT

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the securities of Green Dot Corporation (“Green Dot” or the “Company”) (NYSE: GDOT) between January 26, 2012 and July 26, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).

If you purchased shares of Green Dot during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/green-dot-corporation-gdot.

Green Dot, a Delaware corporation headquartered in Monrovia, California, is a leading financial services company providing simple, low-cost and convenient money management solutions to a broad base of U.S. customers. They proclaim to be the leading provider of general purpose reloadable, or GPR, prepaid debit cards in the United States, and that their Green Dot Network is the leading reload network for prepaid cards in the United States. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges (1) that the Company’s new internal risk policies and procedures were negatively impacting Green Dot’s growth in new account activations; (2) that certain of Green Dot’s retailers were planning to start selling competitive GPR products in addition to the Company’s products; (3) that the Company lacked historical data to accurately predict how these retailers selling of competitive GPR products would impact Green Dot’s sales; and (4) that, as a result of the foregoing, the Defendants’ positive statements about Green Dot’s business, operations, and prospects, as well as those regarding Green Dot’s revenue outlook for the 2012 fiscal year, lacked a reasonable basis. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

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