An investigation was initiated on behalf of investors of Green Dot Corporation (NYSE:GDOT) over possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Green Dot Corp.

The investigation by a law firm focuses on whether the directors and officers of Green Dot Corp. harmed the company by breaching their fiduciary duties to GDOT shareholders by causing or permitting the company to engage in deceptive and unfair consumer practices.

Green Dots 12months Total Revenue more than doubled over the past three annual filing periods. Green Dots 12months Revenue increased from $168.13million reported on July 31, 2008 to $363.89million reported on Dec. 31, 2010. Its Net Income surged over the same time frame from $17.34million to $42.23million.
Shares of Green Dot Corporation traded during January 2011 as high as $64.29 per share but fell to under $38 during May 2011.
On May 19, 2011, the Florida Attorney General announced an investigation of Green Dot Corporation for failing to disclose certain prepaid debit card fees to consumers. The announcement stated that in certain instances, every transaction a consumer makes using a prepaid debit card may be subject to a hidden fee.

GDOT shares fell from over $40 on May 19 to under $37.15 on May 23.