Zamansky LLC Announces That It Is Investigating Higher One Holdings Inc. On Behalf of Long-Term Shareholders
New York, NY (Law Firm Newswire) June 9, 2014 – Zamansky LLC announces that it is investigating Higher One Holdings Inc. (NYSE: ONE) for a possible shareholder derivative action. Higher One provides technology and payment service to the higher education industry and is based in New Haven, CT and incorporated in Delaware. The investigation concerns allegations of breaches of duties owed to shareholders by the officers and directors.
On May 12, 2014, Higher One disclosed in its quarterly financial statement filing with the SEC that it is facing penalties from the Federal Reserve over alleged violations tied to its marketing of a debit account used by students who receive financial aid refunds. The filing notes that such penalties could trigger a default on the company’s credit facilities.
As recently as August 8, 2012, the company has settled with the Federal Deposit Insurance Corporation (“FDIC”) after the FDIC found that they had utilized unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act. The company agreed to provide restitution of $11 million to 60,000 students. The company’s officers and directors responsible for these violations appear to have not changed its ways over the past two years and continue to deceive its college student customers.
According to stock fraud attorney Jacob Zamansky, the long-term shareholders of Higher One stand to benefit from the success of a shareholder derivative lawsuit. Shareholder derivative lawsuits are very different from securities fraud lawsuits. Any long-term Higher One shareholder may contact us for information on commencing a derivative lawsuit to protect long-term shareholders’ rights.
What Higher One Shareholders Can Do
If you are a Higher One stockholder who has held the stock continuously since at least August 2012, and still hold, and wish to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading securities class action and investor arbitration law firm since 1998. We specialize representing both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.