Higher One Holdings Inc (NYSE: ONE) Investor Securities Class Action Lawsuit 05/27/2014

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Company Name(s): 
Higher One Holdings
Case Name: 
Higher One Holdings Shareholder Class Action Lawsuit 05/27/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: ONE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/27/2014
Class Period Begin: 
08/07/2012
Class Period End: 
08/06/2014
Court of Filing: 
U.S. District Court for the District of Connecticut
Deadline To File for Lead: 
07/28/2014
Date Settled: 
03/06/2018
Settlement Amount: 
$7,500,000
Deadline to Participate in Settlement: 
05/26/2018
Summary: 

March 6, 2018 - The court preliminarily approved the settlement.

February 16, 2018 - Parties filed a stipulation of settlement.

September 25, 2017 - The court granted in part and denied in part defendants' motion to dismiss.

February 2, 2017 - Defendants filed a motion to dismiss.

December 1, 2016 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Higher One Holdings Inc (NYSE: ONE) common shares between August 7, 2012 and August 6, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 7, 2012 and August 6, 2014.

September 13, 2016 - The court granted defendants' motions to dismiss.

April 21, 2015 - More defendants filed a motion to dismiss.

April 2, 2015 - Defendants filed a motion to dismiss.

January 21, 2015 - The plaintiff filed an amended complaint.

December 17, 2014 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 28, 2014 - Lead plaintiff motions were filed.

May 27, 2014 - An investor in shares of Higher One Holdings Inc (NYSE: ONE) filed a lawsuit in the U.S. District Court for the District of Connecticut against Higher One Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 7, 2012 and May 12, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Higher One Holdings Inc (NYSE: ONE) common shares between August 7, 2012 and May 12, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The plaintiff claims that between August 7, 2012 and May 12, 2014 defendants made allegedly false and/or misleading statements and/or failed to disclose that Higher One Holdings Inc's marketing and disclosure practices were in violation of the Federal Trade Commission Act, that Higher One Holdings Inc’s allegedly improper marketing and disclosure practices would subject Higher One Holdings Inc to potential restitution demands and civil penalties, and that the amounts of potential restitution demands and civil penalties could reach levels that would cause an event of default under Higher One Holdings Inc's Credit Facility.

Higher One Holdings Inc reported that its annual Total Revenue rose from $197.72 million in 2012 to $211.12 million in 2013 while its Net Income declined from $36.87 million in 2012 ro $14.13 million in 2013. Shares of Higher One Holdings Inc (NYSE: ONE) declined from as high as $17.96 per share in March 2013 to $5.80 on May 6, 2014.

Then on May 12, 2014, Higher One Holdings Inc disclosed that it is facing penalties from the Federal Reserve over asserted violations of the Federal Trade Commission Act relating to marketing and disclosure practices related to the OneAccount option for financial aid refund. Higher One Holdings Inc noted in the filing that the penalties it faces have the potential to trigger a default on its credit facility.

Shares of Higher One Holdings Inc declined from $6.41 per share on May 12, 2014, to $3.63 per share on May 15, 2014.

On May 27, 2014, Higher One Holdings Inc (NYSE: ONE) shares closed at $3.72 per share.