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Higher One : NYSE:ONE) Investor Filed 2nd Lawsuit Against Directors Alleging Wrongdoing

05/12/2015 | 09:31am US/Eastern

A second lawsuit was filed by a current investor in NYSE:ONE shares over alleged breaches of fiduciary duties by certain directors of Higher One Holdings, Inc and long-term NYSE:ONE stockholders should contact the Shareholders Foundation.San Diego, CA -- (ReleaseWire) -- 05/12/2015 -- An investor who currently holds NYSE:ONE filed a second lawsuit against certain Higher One Holdings directors over alleged breaches of fiduciary duties that caused NYSE:ONE stock to decline and exposed the company to millions in potential liabilities.

Shares of Higher One Holdings, Inc (NYSE:ONE) declined from as high as $20.99 per share in July 2011 to as low as $2.22 per share in October 2014.

Investors who are current long term investors in Higher One Holdings, Inc (NYSE:ONE) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants lied about misconduct and legal compliance at the provider of college-student financial aid payment solutions. More specifically, the plaintiff claims that the board of directors of Higher One Holdings Inc violated reform agreements and its own code of conduct by not vigilantly ensuring the company didn't continue breaking the law after it settled myriad disputes over deceptive marketing and unfair fees. The plaintiff says that the defendants' alleged breaches of fiduciary duties have exposed Higher One to massive potential liabilities to consumers and federal regulators.

The plaintiff claims that since at least February 2014, certain member of the board of directors of Higher One Holdings, Inc have unjustly enriched themselves and generally misrepresented the true state of Higher One's operations.

On May 12, 2014, Higher One Holdings, Inc disclosed that it is facing penalties from the Federal Reserve over asserted violations of the Federal Trade Commission Act relating to marketing and disclosure practices related to the OneAccount option for financial aid refund. The Company noted in the filing that the penalties it faces have the potential to trigger a default on its credit facility. Shares of Higher One Holdings, Inc declined from $6.41 per share on May 12, 2014, to $3.63 per share on May 15, 2014 and continued to decline to as low as $2.22 per share in October 2014.

On May 8, 2015, NYSE:ONE shares closed at $3.10 per share.

Those who purchased shares of Higher One Holdings, Inc (NYSE:ONE) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.comFor more information on this press release visit: http://www.releasewire.com/press-releases/higher-one-holdings-inc-nyseone-investor-filed-2nd-lawsuit-against-directors-alleging-wrongdoing-597639.htm

Media Relations Contact

Michael Daniels
General Manager
Shareholders Foundation
Telephone: 858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com

© ReleaseWire, source Press Releases

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