NEW YORK, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against GreenSky, Inc. (“GreenSky” or the “Company”) (GSKY) and its directors, on behalf of purchasers of Class A common stock acquired in GreenSky’s initial public offering (“IPO”), which closed on May 29, 2018. Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/gsky. 

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.

The complaint alleges that defendants made false and misleading statements and omissions in the Offering Documents about the revenue effects of the change in the classes of merchants for whom it facilitated loans. The complaint continues to allege that GreenSky charged its solar merchants high transaction fees but charged healthcare businesses substantially lower transaction fees.  When the truth was disclosed, GreenSky share prices dropped precipitously, and investors who made purchases pursuant or traceable to the IPO suffered harm.

On November 6, 2018, GreenSky reduced its 2018 transaction volume guidance from between $5.1 and $5.3 billion to between $4.9 and $5.1 billion. The company also reduced its full year adjusted EBITDA guidance from between $192 and $199 million to between $165 and $175 million, blaming the decreases to a general labor shortage and adverse shifts in its loan mix. Following this news, GreenSky stock dropped significantly, damaging investors.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: bgandg.com/gsky or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in GreenSky you have until January 28, 2019 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com