SOURCE: Brower Piven, A Professional Corporation

November 19, 2010 15:48 ET

Brower Piven Announces the Filing of a Class Action Lawsuit Against Meta Financial Group, Inc. Expanding the Class Period to Include May 14, 2009 Through October 15, 2010 and Encourages Investors Who Have Substantial Financial Losses From Investment in Meta Financial Group, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 21, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - November 19, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Iowa on behalf of purchasers of the common stock of Meta Financial Group, Inc. ("Meta Financial" or the "Company") (NASDAQ: CASH) during the period between Mary 14, 2009 and October 15, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 21, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that it 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 its iAdvance program. According to the complaint, after the Company revealed that the discontinuance of the iAdvance program and the potential discontinuance of the tax-related programs (which are subject to OTS approval) would eliminate a substantial portion of the Company's gross profit and that the discontinuance of the iAdvance program might result in elevated rates of nonpayment on outstanding iAdvance loans, the value of Meta Financial stock declined significantly.

If you have suffered a net loss for all transactions in Meta Financial Group, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact