SOURCE: Izard Nobel LLP

November 09, 2010 17:10 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Meta Financial Group, Inc.

WEST HARTFORD, CT--(Marketwire - November 9, 2010) - 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 Northern District of Iowa on behalf of purchasers of the common stock of Meta Financial Group, Inc. ("Meta Financial" or the "Company") (NASDAQ: CASH) between May 14, 2009 and October 15, 2010, inclusive (the "Class Period"). 

The Complaint charges Meta Financial and certain of its officers and directors with violations of federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose that the Company had engaged in unfair or deceptive practices in violation of Federal Trade Commission ("FTC") and Office of Thrift Supervision ("OTS") laws and regulations in connection with the Company's operation of its highly profitable iAdvance program.

On October 12, 2010, Meta Financial reported that it had received a Supervisory Directive issued by the OTS concerning its iAdvance program claiming the Company had engaged in unfair acts in violation of FTC and OTS laws and regulations. Furthermore, the Company had to seek written approval from the OTS prior to entering into any new third-party agreements. On October 18, 2010, Meta Financial announced that OTS had denied a request for prior approval to enter into a new third-party agreement and said it would not allow new agreements in the foreseeable future.

If you are a member of the class, you may, no later than December 21, 2010, 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: www.izardnobel.com/metafinancial/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

Contact Information