Robbins Umeda LLP Announces an Investigation of NetSpend Holdings, Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at NetSpend Holdings, Inc. (NASDAQGS: NTSP). NetSpend issues reloadable prepaid debit cards. The company was founded in 1999 and is based in Austin, Texas.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of NetSpend harmed the company by breaching their fiduciary duties to shareholders by causing or permitting the company to engage in deceptive and unfair practices. On May 19, 2011, the Florida Attorney General announced an investigation of NetSpend for failing to disclose certain prepaid debit card fees to consumers. The announcement stated that in certain instances, every transaction a consumer makes using a prepaid debit card may be subject to a hidden fee. Within twenty-four hours of this announcement, the value of NetSpend shares dropped by over 10%.
If you own stock in NetSpend and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.