| Company: | Advanta Corporation |
| Ticker Symbol: | ADVBQ |
| Class Period: | Jun-24-07 to Nov-8-09 |
| Date Filed: | Aug-9-10 |
| Lead Plaintiff Deadline: | Oct-8-10 |
| Court: | Eastern District of Pennsylvania |
| Allegations: | |
The complaint in this action alleges that, during the Class Period, Advanta's registration statements in connection with the offering of RediReserve Notes contained materially false statements of facts. These registration statements contained numerous positive portrayals regarding the state of Advanta's business, the adequacy of its capital reserves and the creditworthiness of its customers. These statements are alleged to be false because (1) Advanta was engaged in "unsafe or unsound banking practices," (2) Advanta operated with inadequate capital for its risk profile, (3) Advanta operated in a manner that did not ensure satisfactory earnings, (4) Advanta was unfairly increasing the interest rate it charged its credit card customers, and (5) Advanta's weak underwriting standards caused it to have numerous customers that were not creditworthy.
The complaint alleges that the individual defendants in this action signed Advanta's materially false registration statements. The complaint further alleges that KPMG served as Advanta's auditor during the Class Period and vouched for the false statements in Advanta's registration statements.
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.
