NetSpend refiles for IPO - BusinessWeek
NetSpend Holdings Inc. said the troubles of its preferred debit card issuer will not affect the company's financial position as it refiled for an initial public offering.
In a Thursday filing with the Securities and Exchange Commission, NetSpend said that one of its issuing banks, MetaBank, was ordered by the government to shut down its iAdvance program, a line of credit that NetSpend offers. The government claimed the bank engaged in unfair and deceptive practices and must receive approval for any new agreements with other credit product users.
NetSpend provides general-purpose prepaid debit cards, also called GPR cards, and other alternative financial services for customers who don't have traditional bank accounts.
The Austin, Texas, company said in the new filing that it doesn't expect 'the discontinuation of the iAdvance product will have a material impact on our financial condition or results of operations.'
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