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Deadline Alert: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against GreenSky, Inc.

December 1, 2018

BENSALEM, Pa.--(BUSINESS WIRE)--Nov 30, 2018--Law Offices of Howard G. Smith reminds investors of the January 28, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased GreenSky, Inc. (“GreenSky” or the “Company”) (NASDAQ: GSKY ) shares in GreenSky’s initial public offering (“IPO”), which closed on May 29, 2018. GreenSky investors have until  January 28, 2019  to file a lead plaintiff motion.

Investors suffering losses on their GreenSky investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On November 6, 2018, GreenSky lowered its full year 2018 transaction volume guidance from between $5.1 and $5.3 billion to between $4.9 and $5.1 billion, and lowered its full year 2018 Adjusted EBITDA guidance from between $192 and $199 million to between $165 and $175 million. GreenSky attributed the reduction to a general labor shortage and unfavorable shifts in its loan mix. On this news, GreenSky’s share price fell $5.38 per share, or 36.7%, to close at $9.28 per share on November 6, 2018, thereby injuring investors.

The complaint filed in this class action 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 Offering Documents did not disclose a significant change in GreenSky’s merchant business mix, a change that caused a drop in transaction revenue. Months after the IPO closed, the Company released a press release stating that its transaction-fee rate was considerably below that achieved in the third quarter of 2017. The Company blamed this drop on a general labor shortage, and a shifting loan mix. The Company’s statements and Offering Documents were false and materially misleading throughout the IPO period.

If you purchased shares of GreenSky during the Class Period you may move the Court no later than  January 28, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to  howardsmith@howardsmithlaw.com, or visit our website at  http://www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181130005600/en/

CONTACT: Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Law Offices of Howard G. Smith

Copyright Business Wire 2018.

PUB: 11/30/2018 08:07 PM/DISC: 11/30/2018 08:06 PM

http://www.businesswire.com/news/home/20181130005600/en

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