SAN DIEGO and NEW HAVEN, Conn., June 4, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Higher One Holdings, Inc. (NYSE: ONE) has filed a federal securities fraud class action complaint in the U.S. District Court for the District of Connecticut. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between August 7, 2012 and May 12, 2014 (the "Class Period"). Higher One provides refund disbursement, payment processing, and data analytics services to higher education institutions and students.
Higher One Is Accused of Improper Marketing and Disclosure Practices
According to the complaint, shares of Higher One fell over 14%, to close at $5.51 on May 13, 2014, following a disclosure by the company that the Board of Governors of the Federal Reserve System notified the company of a determination by the Board of Governors to seek an administrative order against the company. Specifically, the order asserted violations of the Federal Trade Commission Act stemming from Higher One's marketing and disclosure practices, and the company's activities with a former and current bank partner. An administrative order resulting from this action would include demands for restitution and civil monetary penalties that could trigger an event of default under the Higher One's credit facility.
The complaint further alleges that, during the Class Period, the company made false and/or misleading statements and failed to disclose to investors that the company's marketing and disclosure practices violated the Federal Trade Commission Act. As a result, Higher Ones shares traded at artificially high prices throughout the Class Period.
Higher One Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Higher One and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: http://www.robbinsarroyo.com/shareholders-rights-blog/higher-one-holdings-inc
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP