Pomerantz Law Firm Investigates Claims on Behalf of Investors of Green Dot Corporation
NEW YORK, Aug 1, 2012 (Menafn - GlobeNewswire via COMTEX) --Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors who purchased Green Dot Corporation ("Green Dot" or "the Company") securities. Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Green Dot made false and/or misleading statements concerning material facts about the Company's business, operations, and prospects. On July 26, 2012, after the market closed, Green Dot disclosed that it was updating its previously issued outlook for the remainder of the year to reflect the impact of new competition and new internal risk policies and controls. The Company announced that the revised outlook reflects "the impact of new internal risk policies and controls to improve the security and quality of Green Dot's portfolio," and that many of the Company's retailers will start to sell competitive General Purpose Reloadable prepaid cards in addition to the Company's products. The Company also admitted that it lacked historical data to accurately predict how the new competition will impact Green Dot sales.
On this news, the Company's shares declined 14.26 to 9.06 per share on July 27, 2012.
The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
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SOURCE: Pomerantz Haudek Grossman & Gross LLP
CONTACT: Rachelle R. Boyle
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rrboyle@pomlaw.com
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