Thursday, June 27, 2013
The two suits were combined into one securities class action claiming Green Dot violated federal securities laws by offering false and misleading earnings forecasts prior to the July 26 reforecast. In the reforecast, the Pasadena, Calif.-based company disclosed threats to its business model that would likely result in lower revenues than previously stated.
But the United States District Court for the Central District of California dismissed the case "with prejudice," Green Dot said. The company noted that the court had granted a motion to dismiss in May 2103, and the plaintiffs subsequently agreed to voluntarily dismiss the case with prejudice rather than amend their complaint. No payments were made to the plaintiffs in connection with the dismissal, Green Dot added.
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