Advanta Corp. (2009)
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Advanta Corp. (2009) Securities Settlement
The lawsuit was settled for $13.25 million in cash. The following is a summary of the proceedings in this lawsuit: ‘This Litigation alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by misrepresenting and omitting material facts about Advanta business, including its customer base, customer delinquencies, credit card re-pricing practices, loan loss reserves, and earnings.2 Lead Plaintiff alleges that when Defendants disclosed the truth about the Company financial results, Class Members suffered damages as a result of the decline in the price of Advanta Class A and/or Class B common stock.’