According to the Complaint, Green Dot identifies itself as a financial technology leader and bank holding company with a mission to “reinvent banking for the masses.” The Company operates a platform referred to as “Banking as a Service” or “BaaS” to provide banking and financial services products to consumers under brand names such as Green Dot, GoBank and RapidPay.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Green Dot's strategy to attract "high-value" long-term customers was at the expense of "one and done" customers; (2) Green Dot's "one and done" customers represented a significant source of revenues in its legacy segment; (3) consequently, Green Dot's strategy was self-sabotaging; and (4) as a result of the foregoing, Defendants' statements about its business and operations were materially false and misleading at all relevant times.