Welcome to the Perez v. Higher One Holdings, Inc. Website
Your legal rights might be affected if you are a member of the following Settlement Class:
If you purchased the securities of Higher One Holdings, Inc. (“Higher One”) between August 7, 2012 through August 6, 2014, both dates inclusive (the “Settlement Class Period”).
What is this lawsuit about?
This Action brings claims against Settling Defendants, Defendant Wolf, and former Defendant McFadden. Higher One provided technology-based refund disbursement, payment processing, and data analytics services to higher education institutions and students in the United States, including online checking accounts (called OneAccounts) and a MasterCard ATM debit card through its banking partners, which were regulated by federal banking regulators. Plaintiffs assert claims under Sections §§10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) & 78t(a), and Securities and Exchange Commission Rule 10b-5, 17 C.F.R. § 240.10b-5. Specifically, Plaintiffs allege that Higher One’s Pre-Class Period misconduct included improper marketing of and fees charged on OneAccounts and debit cards in violation of §5 of the Federal Trade Commission Act (“FTC Act”), which was addressed by a 2012 Federal Deposit Insurance Corporation (“FDIC”) Consent Order and settlement of a consumer class action, both barring future misconduct. Plaintiffs further allege that throughout the Class Period, Higher One did not comply with the 2012 FDIC Consent Order and continued its prior misconduct, including violating FTC Act §5. Plaintiffs allege that Defendants made false and/or misleading statements and/or omissions between August 7, 2012 to August 6, 2014, inclusive regarding Higher One’s marketing and disclosure practices, compliance with the Federal Trade Commission Act, and compliance with a previously-issued consent order and settlement obligations, thereby exposing Higher One to large potential civil penalties and restitution obligations. The SAC further alleges that partial disclosures and events revealed Defendants’ fraud, thereby injuring Plaintiffs and the Settlement Class of investors. Plaintiffs allege that partial revelations of Defendants’ fraud caused huge stock declines, causing investors to suffer tremendous injury. The Settling Defendants deny all of these allegations.
How do I obtain more information?
If you would like more information, you may contact the Claims Administrator by calling toll-free 1-888-305-6486, emailing firstname.lastname@example.org or mailing a letter to:
Perez v. Higher One Holdings, Inc.
c/o JND Legal Administration
P.O. Box 91346
Seattle, WA 98111
A copy of the Notice is available on the Important Documents page. Inquiries should NOT be directed to the Court, the Clerk of the Court, or Defendants.