| Company: | Advanta Corp |
| Ticker Symbol: | ADVNA |
| Class Period: | Oct-31-06 to Nov-27-07 |
| Date Filed: | Oct-20-09 |
| Lead Plaintiff Deadline: | Dec-19-09 |
| Court: | Eastern District of Pennsylvania |
| Allegations: | |
The Complaint charges the defendant with violations of the Securities and Exchange Act of 1934. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's financials. The Complaint alleges that defendants engaged in improper behavior that harmed Advanta's investors by failing to disclose the impact of the economic environment and the deteriorating credit trends on its business and that the Company failed to adequately and timely record losses for its impaired loans. Advanta also failed to properly account for their continuing delinquent customers, causing its financial results to be materially false.
Then on November 27, 2007, Advanta held a conference call with analysts and investors announcing that guidance for 2008 would not be released due to volatility of the economy. Additionally, since the release of the third quarter 2007 results on October 25, 2007, a higher percentage of customers had become delinquent on their credit card payments and a lower percentage of customers made payments, indicating a trend of charge-offs. As a result of these announcements, Advanta's stock dropped to close at $11.06 per share on November 27, 2007, down 72% that the 34.07 high in June 2007.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
