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NEW YORK, Aug. 20, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors that it has commenced an investigation of Green Dot Corporation (“Green Dot” or “the Company”) (NYSE: GDOT) concerning possible violations of federal securities laws.
On May 8, 2019, the Company released its financial results for the first quarter of 2019, announcing dramatically reduced earnings guidance. During a conference call, the Company disclosed that it was “experiencing some erosion in the number of legacy product line, non-direct deposit active accounts, primarily from our legacy brick and mortar retail channel and to a lesser degree from our RushCard and account now digital direct brands.” On this news, Green Dot’s share price dropped over 26%.
Then, on August 7, 2019, Green Dot released financial results for the second quarter of 2019, announcing another guidance reduction and disclosing “lower than anticipated prepaid unit sales that has caused a material reduction in active prepaid accounts”. This news caused Green Dot’s shares to plummet again, this time nearly 42%. To obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171