According to the Complaint, Green Dot Corporation 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.

On August 6, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 1, 2022. Defendants filed a Motion to Dismiss the amended Complaint on June 21.

On March 29, 2024, the Court issued an Order denying Defendants' Motion to Dismiss.