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Case Status:    ONGOING    
On or around 09/25/2017 (Ongoing date of last review)

Filing Date: May 27, 2014

According to the law firm press release, Higher One provides technology-based refund disbursement, payment processing, and data analytics services to higher education institutions and students in the United States. Some of the services it offers include FDIC-insured online checking accounts to students, as well as faculty, staff, and alumni; a debit MasterCard ATM card; and OneAccount Premier and OneAccount Edge for primary account usage.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's marketing and disclosure practices were in violation of the Federal Trade Commission Act; (ii) the Company's allegedly improper marketing and disclosure practices would subject Higher One to potential restitution demands and civil penalties; and (iii) the amounts of potential restitution demands and civil penalties could reach levels that would cause an event of default under the Company's Credit Facility.

On May 12, 2014, in a Form 10-Q filed with the SEC announcing its financial and operating results for the first quarter of 2014, the Company disclosed that it is facing penalties from the Federal Reserve over alleged violations tied to its marketing of a debit account for financial aid refunds. According to the filing, such penalties could trigger a default on the Company's Credit Facility.

On the news, Higher One shares fell $0.90, or over 14% on heavy trading volume, to close at $5.51 on May 13, 2014.

On December 17, 2014, the court appointed lead plaintiff and approved lead counsel. Lead Plaintiff filed an amended complaint on January 21, 2015.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ONE
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Connecticut
DOCKET #: 14-CV-00755
JUDGE: Hon. Alvin W. Thompson
DATE FILED: 05/27/2014
CLASS PERIOD START: 08/07/2012
CLASS PERIOD END: 05/12/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldman, Gruder & Woods, LLC
    105 Technology Drive, Suite 2 , Goldman, Gruder & Woods, LLC, CT 06611
    203-880-5333 203-880-5332 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Connecticut
DOCKET #: 14-CV-00755
JUDGE: Hon. Alvin W. Thompson
DATE FILED: 01/21/2015
CLASS PERIOD START: 08/07/2012
CLASS PERIOD END: 08/06/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldman, Gruder & Woods, LLC
    105 Technology Drive, Suite 2 , Goldman, Gruder & Woods, LLC, CT 06611
    203-880-5333 203-880-5332 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date