Izard Nobel LLP Announces Class Action Lawsuit Against Green Dot Corp

The law firm of Izard Nobel LLP announced that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the securities of Green Dot Corporation (Green Dot or the Company) between January 26, 2012 and July 26, 2012 (the Class Period). The Complaint alleges that Green Dot and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges that defendants made false statements and failed to disclose the following material adverse facts: that the Company's new internal risk policies and procedures were negatively impacting Green Dot's growth in new account activations; that certain of Green Dot's retailers were planning to start selling competitive General Purpose Reloadable (GPR) prepaid cards in addition to the Company's products; that the Company lacked historical data to accurately predict how other retailers' sales of competitive GPR products would impact Green Dot; and the defendants' positive statements about Green Dot's business and revenue outlook for 2012 lacked a reasonable basis. On July 26, 2012, Green Dot disclosed that it was updating its previously issued outlook for the remainder of the year to reflect the impact of new competition and new internal risk policies and controls. On this news, the Company's shares declined $14.26 to $9.06 per share on July 27, 2012.