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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against Meta Financial Group, Inc.

^{Published on 2010-10-25 18:00:23 - Market Wire}
 

BOULDER, Colo.--([ BUSINESS WIRE ])--[ The Shuman Law Firm ] today announced that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Iowa on behalf of purchasers of Meta Financial Group, Inc. ("Meta" or the "Company") (NASDAQ:CASH) during the period of May 14, 2009 through October 12, 2010, inclusive (the "Class Period").

"unfair or deceptive acts or practices in violation of Section 5 of the Federal Trade Commission Act and the OTS Advertising Regulation in connection with the Bank's operation of the iAdvance program."

If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at [ kip@shumanlawfirm.com ] or Mr. Glenn at [ rusty@shumanlawfirm.com ].

The Complaint alleges that Meta and certain of its senior officers made materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934. In particular, the Complaint alleges that on October 12, 2010, Meta filed a report with the Securities Exchange Commission (the "SEC") announcing that the Office of Thrift Supervision ("OTS") had advised the Company -- as early as October 6, 2010 -- that OTS had determined that Meta had engaged in "unfair or deceptive acts or practices in violation of Section 5 of the Federal Trade Commission Act and the OTS Advertising Regulation in connection with the Bank's operation of the iAdvance program."

The Company's report further disclosed that it anticipated that the discontinuance of the iAdvance program and the potential discontinuance of tax-related programs would "eliminate a substantial portion of [the Company's] gross profit." Finally, the Company stated that the discontinuance of the iAdvance program may result in elevated rates of nonpayment on outstanding iAdvance loans. Following the publication of this report, Meta shares fell over from an October 12, 2010 close of $33.23 per share to close on October 13, 2010 at $22.25 per share -- losing approximately one third of their value overnight. Meta shares have continued to fall and currently trade around $14 per share.

If you purchased Meta common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than December 21, 2010. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.