WEST HARTFORD, CT -- (Marketwire) -- 10/20/09 -- The law firm of Izard Nobel LLP, which
has significant experience representing investors in prosecuting claims of
securities fraud, announces that a lawsuit seeking class action status has
been filed in the United States District Court for the Eastern District of
Pennsylvania on behalf of those who purchased the Class A and/or Class B
common stock of Advanta Corp. ("Advanta" or the "Company") (NASDAQ: ADVNA)
between October 31, 2006 and November 27, 2007, inclusive (the "Class
Period").
The complaint charges that Advanta and certain of its directors and
officers violated federal securities laws by issuing materially false
statements. Specifically, the complaint alleges that defendants failed 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 and customer delinquencies,
causing its financial results to be materially false. Defendants also
concealed the adverse effects the Company's manipulations of its cash
rewards program was having on its business. As a result of defendants'
false statements, Advanta's stock traded at artificially inflated prices
during the Class Period, reaching a high of $34.07 per share on June 19,
2007.
If you are a member of the class, you may, no later than December 14, 2009,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery
is not affected by the decision whether or not to seek appointment as a
lead plaintiff, lead plaintiffs make important decisions which could affect
the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to
view a copy of the complaint initiating the class action or for more
information about the case, and your rights, visit:
www.izardnobel.com/advanta/, or contact Izard Nobel LLP toll-free: (800)
797-5499, or by e-mail: firm@izardnobel.com. For more information about
class action cases in general, please visit our website:
www.izardnobel.com.
