SOURCE: Izard Nobel LLP

October 20, 2009 18:39 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Advanta Corp.

WEST HARTFORD, CT--(Marketwire - October 20, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of those who purchased the Class A and/or Class B common stock of Advanta Corp. ("Advanta" or the "Company") (NASDAQ: ADVNA) between October 31, 2006 and November 27, 2007, inclusive (the "Class Period").

The complaint charges that Advanta and certain of its directors and officers violated federal securities laws by issuing materially false statements. Specifically, the complaint alleges that defendants failed to disclose the impact of the economic environment and the deteriorating credit trends on its business and that the Company failed to adequately and timely record losses for its impaired loans and customer delinquencies, causing its financial results to be materially false. Defendants also concealed the adverse effects the Company's manipulations of its cash rewards program was having on its business. As a result of defendants' false statements, Advanta's stock traded at artificially inflated prices during the Class Period, reaching a high of $34.07 per share on June 19, 2007.

If you are a member of the class, you may, no later than December 14, 2009, request that the Court appoint you as lead plaintiff of the class. 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.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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