The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Higher One Holdings, Inc (NYSE:ONE) was launched concerning potential breaches of fiduciary duties by certain directors and officers of Higher One Holdings.
Investors who are current long term investors in Higher One Holdings, Inc (NYSE:ONE) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE:ONE stocks follows a lawsuit currently pending against Higher One Holdings over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:ONE stocks, concerns whether certain Higher One Holdings officers and directors are liable in connection with the allegations made in that lawsuit. According to that complaint filed in the U.S. District Court for the District of Connecticut the plaintiff alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. More specifically, 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 the Company’s Credit Facility.
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. The Company 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 and continued to decline to as low as $2.22 per share in October 2014.
On February 6, 2015, NYSE:ONE shares closed at $3.48 per share.
Those who purchased shares of Higher One Holdings, Inc (NYSE:ONE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com