NEW YORK, Aug 9, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C. is investigating potential claims against Green Dot Corporation (NYSE: GDOT) on behalf of Green Dot investors. Our investigation concerns whether Green Dot has violated the federal securities laws and/or engaged in other unlawful business practices.
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On May 9, 2019, the company disappointed investors when it slashed its earnings guidance and announced it would be dramatically increasing spending on technology and marketing to attract new users. This news caused a massive 26% drop in Green Dot's share price.
Then, on August 8, 2019, Green Dot announced another guidance reduction due to a steep decline in its legacy prepaid card product line and the Company's delay in launching its newest BaaS product. This news caused Green Dot's share price to plummet another 45%.
All told, the two drops have wiped out over $1.9 billion in market capitalization with Green Dot's shares trading at less than one-third of its 52-week high, closing at $27.42 on August 9, 2019.
If you purchased or otherwise acquired Green Dot shares, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Green Dot, please go to https://bespc.com/GDOT. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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SOURCE Bragar Eagel & Squire, P.C.