NEW YORK, Dec. 19, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Green Dot Corporation (“Green Dot” or the “Company”) (NYSE: GDOT) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of Green Dot between May 9, 2018 and November 7, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Green Dot investors under the federal securities laws.
The Complaint alleges that Defendants made materially false and misleading statements about: (1) the Company’s strategy to attract “high-value” long-term customers was at the expense of “one and done” customers; (2) the Company’s “one and done” customers represented a significant source of revenues in its legacy segment; (3) consequently, the Company’s strategy was self-sabotaging; and (4) as a result of the foregoing, Defendants’ statements about its business and operations were materially false and misleading at all relevant times.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the February 17, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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