BOSTON, May 19, 2014 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations by Higher One Holdings, Inc. ("HigherOne" or the "Company") (NYSE: ONE) following the Company's announcement that it has drawn the scrutiny of the Federal Reserve with regards to potential violations of the Federal Trade Commission Act ("FTCA").
On May 12, 2014, the Company filed with the Securities and Exchange Commission ("SEC") its Form 10-Q for quarter ended March 31, 2014. Within the 10-Q, the Company stated that it is facing penalties over its alleged violations of the FTCA in relation to its marketing and disclosure practices for its OneAccount option for financial aid refunds.
The value of HigherOne shares dropped precipitously on the news, falling from $6.41 on May 12, 2014, to close at $4.15 on Friday, May 16, 2014. This collapse represented a loss of approximately 35% of the Company's value, costing shareholders, in the aggregate, over $100 million. In doing so, HigherOne established its 52 week trading low, on its highest volume of trading of the previous six months.
If you purchased HigherOne securities that have been affected by the Company's recent announcements and have any information relevant to this investigation, or you have questions about your legal rights, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com. Whistleblowers are also encouraged to contact attorney Harte, and the confidentiality of all communications is assured.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP