Company name Green Dot Corporation
Stock symbol GDOT
Status Class Action Complaint Filed

NEW YORK, February 12, 2020 –  Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors that purchased Green Dot Corporation (NYSE: GDOT) securities between May 9, 2018 and November 7, 2019 (the “Class Period”). Investors have until February 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On November 7, 2019, after market close, Green Dot released its financial and operating results for the third fiscal quarter and nine months period ended September 30, 2019. During the conference call to discuss the results, Green Dot’s CEO revealed that the continuing year-over-year decline of accounts in its active consumer business approximated 620,000 and were mostly “onetime use accounts.”

On this news, the stock price declined from a close of $29.95 per share on November 7, 2019 to a close of $24.54 per share on November 8, 2019, a drop of approximately 18.06 percent

The complaint, filed on December 18, 2019,  alleges that Green Dot made false and/or misleading statements and/or failed to disclose that: (1) Green Dot’s strategy to attract “high-value” long-term customers was at the expense of “one and done” customers; (2) Green Dot’s “one and done” customers represented a significant source of revenues in its legacy segment; (3) consequently, Green Dot’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.

If you purchased Greendot shares during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact  Melissa Fortunato or Marion Passmore by email at  investigations@bespc.com, or telephone at (646) 860-9156, or by filling out the contact form below. There is no cost or obligation to you.

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.

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