The stock of Monrovia's Green Dot took a huge plunge today, dropping $14 per share, a fall of 61.15%, to end the day at $9.06. The fall resulted in a class action suit on behalf of shareholders filed by Glancy Binkow & Goldberg LLP. Here is the announcement of the suit ( http://goo.gl/PSk3w ), which says the stock fell because the company updated its outlook for the rest of the year to reflect increased competition. The suit claims the company "made false and/or misleading statements, as well as failed to disclose material adverse facts..."
- Brad Haugaard
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