NEW YORK, June 9, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Connecticut on behalf of all persons who purchased or otherwise acquired the securities of Higher One Holdings ("Higher One" or the "Company") (NYSE:ONE) during the period between August 7, 2012 and May 12, 2014 (the "Class Period").
The Complaint alleges that Defendants throughout the Class Period misrepresented and/or failed to disclose that: (i) Higher One's marketing and disclosure practices were in violation of the Federal Trade Commission Act; (ii) Higher One's allegedly improper marketing and disclosure practices would expose it to potential restitution demands and civil penalties; and (iii) the amounts of potential restitution demands and civil penalties could trigger a default under Higher One's credit facility.
On May 12, 2014, Higher One disclosed that it is facing penalties stemming from alleged violations in connection with its marketing of a debit account for financial aid refunds. The potential penalties could trigger a default under Higher One's credit facility. After this revelation, the price of Higher One shares declined $0.90 per share, or more than 14%, and closed at $5.51 per share on May 13, 2014 on unusually heavy volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 28, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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