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Glancy Prongay & Murray LLP Announces Investigation on Behalf of Green Dot Corporation Investors

December 19, 2019 GMT

LOS ANGELES--(BUSINESS WIRE)--Dec 19, 2019--

Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Green Dot Corporation (“Green Dot” or the “Company”) (NYSE: GDOT ) investors concerning the Company and its officers’ possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On February 20, 2019, Green Dot CEO Steven W. Streit revealed during the FY 2018 conference call that the Company’s strategy of attracting “high-value” long-term customers at the expense of “one and done” customers was self-sabotaging, stating, “…that we are somewhat a victim of our own success in converting more and more of our quarterly active accounts to direct deposit active accounts.” These “one and done” customers represented a significant source of revenue in the Company’s legacy segment.

On this news, Green Dot’s share price fell $7.47 per share, or nearly 10%, to close at $67.20 per share on February 21, 2019, thereby injuring investors.

Then, on May 8, 2019, the Company disclosed a large “investment in growth for the purpose of aggressively marketing new products.”

On this news, Green Dot’s share price fell $16.71 per share, or nearly 26%, to close at $46.56 per share on May 9, 2019, thereby injuring investors further.

Then, on August 7, 2019, Green Dot reported an “accelerated loss of unit sales in [its] prepaid product lines, resulting in lower active accounts from both non-reloading customers and cash reloading customers.

On this news, Green Dot’s share price fell $19.84 per share, or nearly 41%, to close at $27.42 per share on August 8, 2019, thereby injuring investors further.

Finally, on November 7, 2019, the Company revealed a decline of 620,000 accounts in its active consumer business, mostly “one-time use accounts.”

On this news, Green Dot’s share price fell $5.41 per share, or nearly 18%, to close at $24.54 per share on November 8, 2019, thereby injuring investors further.

If you purchased Green Dot securities, have information, or 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 Charles H. Linehan, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, Toll-Free at 888-773-9224, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191219005826/en/

CONTACT: Glancy Prongay and Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2019.

PUB: 12/19/2019 05:30 PM/DISC: 12/19/2019 05:30 PM

http://www.businesswire.com/news/home/20191219005826/en