To: Alias Shrugged who wrote (17803 ) 6/4/1999 5:59:00 PM From: Cynic 2005 Read Replies (2) | Respond to
An ambulance chaser sues them: -g- This could be why the stock is down in the last two days. Then again, Obiously this press release was issued after the close of markets I am not sure if this is already discounted in the price. biz.yahoo.com NEW YORK, June 4 /PRNewswire/ -- Notice is hereby given that a class action lawsuit has been filed against Providian Financial Corporation (NYSE: PVN - news; ''Providian'') in the United States District Court. The lawsuit was filed by the law firm of Wolf Popper LLP on behalf of persons who purchased Providian securities in the open market during the period January 15, 1999 through May 18, 1999, inclusive (the ''Class Period'').Specifically, the complaint alleges that Providian improperly obtained revenues, and misrepresented the source of its revenues and income in public filings and press releases. Defendants are charged with improperly conducting its credit card business by, among other things, intentionally failing to post credit card payments on time in order to enable the Company to improperly record as revenues late fees and penalties, improperly enrolling new credit card customers without their permission, and improperly charging credit card customers for Providian's fee-based products not requested. Once the facts concerning defendants' conduct became known and it was disclosed that Providian was the subject of an investigation by the San Francisco district attorney's office, the price per share of Providian's stock fell from a Class Period high of $131.63 to close at $78.43 on June 4, 1999, a fall of over 40%.
