LOS ANGELES, Jan. 28, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against GreenSky, Inc. (“GreenSky” or “the Company”) ( GSKY) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with GreenSky’s initial public offering on May 29, 2018, are encouraged to contact the firm before January 28, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. The Offering Documents did not disclose a significant change in GreenSky’s merchant business mix, a change that caused a drop in transaction revenue. Months after the IPO closed, the Company released a press release stating that its transaction-fee rate was considerably below that achieved in the third quarter of 2017. The Company blamed this drop on a general labor shortage, and a shifting loan mix. Based on these facts, the Company’s statements and Offering Documents were false and materially misleading throughout the IPO period. When the market learned the truth about GreenSky, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
The Schall Law Firm