The Shareholders Foundation announces that an investor who currently holds shares of Higher One Holdings, Inc (NYSE:ONE) filed a lawsuit against directors of Higher One Holdings, Inc over alleged wrongdoing that caused the NYSE:ONE to decline and exposed the company to millions in potential liabilities.
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 email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants lied about misconduct and legal compliance at the provider of college-student financial aid payment solutions. More specifically, the aplitniff claims that the board of directors of Higher One Holdings Inc violated reform agreements and its own code of conduct by not vigilantly ensuring the company didn’t continue breaking the law after it settled myriad disputes over deceptive marketing and unfair fees. The plaintiff says that the defendants’ alleged breaches of fiduciary duties have exposed Higher One to massive potential liabilities to consumers and federal regulators.
The plaintiff claims that since at least February 2014, certain member of the board of directors of Higher One Holdings, Inc have unjustly enriched themselves and generally misrepresented the true state of Higher One’s operations.
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 April 2, 2015, NYSE:ONE shares closed at $2.74 per share, which is significantly below its current 52 weeks high of $7.01 per share.
Those who purchased shares of Higher One Holdings, Inc (NYSE:ONE) have certain options and should contact the Shareholders Foundation.
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