Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Advanta Corp.

SAN DIEGO--(BUSINESS WIRE)--Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/advanta/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Advanta Corp. (“Advanta”) (NASDAQ:ADVNA - News) (NASDAQ:ADVNB - News) Class A and/or Class B common stock during the period between October 31, 2006 and November 27, 2007 (the “Class Period”). If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this noti...
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Advanta to Report Third Quarter 2009 Results in Form 10-Q Filing

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Stember Feinstein Doyle & Payne, LLC Commences Investigation Relating to Advanta Corp. Employee Savings Plan and Employee Stock Ownership Plan

PITTSBURGH--(BUSINESS WIRE)--The law firm of Stember Feinstein Doyle & Payne, LLC is investigating a possible lawsuit relating to the investment of Advanta Corp. stock by the Advanta Corp. Employee Savings Plan and Advanta Employee Stock Ownership Plan (NASDAQ: ADVNA - News) (NASDAQ: ADVNB - News). Such a lawsuit would include claims by Advanta employees and former employees who held company stock in the Plans. Stember Feinstein Doyle & Payne is investigating whether certain fiduciaries of the Plans may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). The firm’s investigation relates to whether certain fiduciaries of the Plans knew or should have known that Advanta may not have been timely disclosing losses related to its credit card receivables.Specifically, the firm is investigating whether Advanta breached its fiduciary obligations under ERISA:(1) by continuing to offer Advanta common stock as an investment option for participant contributions when it was imprudent to do so; and(2) by failing to take action to sell Advanta stock or otherwise protect the Plansâ�...
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Law Office of Brodsky & Smith, LLC Announces Investigation on Behalf of Participants in the Advanta Corp. Employee Savings Plan or the Advanta Employee Stock Ownership Plan

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Law Offices of Howard G. Smith Announces Investigation on Behalf of Current and Former Employees of Advanta Corp. Who Invested in the Advanta Corp. Employee Savings Plan or the Advanta Employee Stock Ownership Plan

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Spector Roseman Kodroff & Willis, P.C. Announces ERISA Investigation Regarding the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan

PHILADELPHIA--(BUSINESS WIRE)--Spector Roseman Kodroff & Willis, P.C. (www.srkw-law.com) today announced that it is investigating Advanta Corp. (“Advanta” or the “Company”) (Nasdaq:ADVNB - News) for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The investigation focuses on investments in company stock in the Advanta Corp. Employee Stock Ownership Plan and the Advanta Corp. Employee Savings Plan (together, the "Plans"). Spector Roseman’s investigation involves concerns that Advanta and other administrators of the Plans may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plans. A breach may have occurred if the fiduciaries failed to manage the assets of the Plans prudently and loyally by investing the assets in Company stock when it was no longer a prudent investment for participants' retirement savings.If you are a participant in the Advanta Corp. Employee Stock Ownership Plan and/or the Advanta Corp. Employee Savings...
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Stull, Stull & Brody Announces Investigation on Behalf of Participants and Beneficiaries of the Advanta Corp. 401(K) Plan and Employee Stock Ownership Plan

NEW YORK--(BUSINESS WIRE)--Attorney Advertising. Stull, Stull & Brody announced today that it has commenced an investigation relating to the 401(k) defined contribution retirement plan and employee stock ownership plan of Advanta Corp. (“Advanta”) (NASDAQ:ADVNA - News; NASDAQ:ADVNB - News). Among other things, Stull, Stull & Brody is investigating whether fiduciaries of the Advanta 401(k) plan and employee stock ownership plan may have violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by failing to disclose the Company’s true operating condition to participants and beneficiaries of the plans (including disclosures relating disclosures of the impact of the economic environment and the deteriorating credit trends on its business and the Company’s recording of losses for its impaired loans and customer delinquencies, which may have caused the Company’s financial results to be materially false), by offering Advanta stock as an investment option under the plans when it was not prudent to do so, and/or by allowing an imprudent overconcentration of Company stock in the Company’s 401(k) plans. ...
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Advanta Corp. Files to Reorganize Under Chapter 11 to Preserve Stakeholder Value

SPRING HOUSE, Pa.--(BUSINESS WIRE)--Advanta Corp. (NASDAQ: ADVNB; ADVNA) announced today that it filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although Advanta Corp. has close to $100 million in cash and equivalents on hand, over time it would not be able to meet all of its existing obligations. The filing at this time is intended to address that shortfall in an orderly way that benefits stakeholders most fairly. The Company is reviewing both existing and potential business opportunities in connection with the reorganization.Advanta Corp. has about $138 million of senior retail investment notes outstanding and the filing is expected to preserve the value of Advanta Corp.’s assets which will, among other things, maximize recoveries of the senior retail note holders.Advanta Bank Corp., a wholly owned subsidiary of Advanta Corp, is not included in the Chapter 11 filing. It has been one of the nation’s largest issuers of credit cards for small business. It is currently collecting its $2.7 billion portfolio of managed receivables from 360,000 customers but the cards are not open to new charges. The Chapter 11 proceeding will not have any impact on outstanding credit card balances and customer payment obligations will continue on normal schedules.Advanta Bank Corp.’s capital is, however, below regulatory capital requirements and over time Advanta Bank Corp. may be turned over to an FDIC receivership. Again that should not affect its customers. The parent corporation consciously decided not to fund the capital deficiency in order to preserve value for the senior retail note holders and other Advanta. Corp. stakeholders....
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Advanta Corp. files for Chapter 11 bankruptcy

NEW YORK (AP) -- Small business credit card lender Advanta Corp. has filed for Chapter 11 bankruptcy protection. Its shares plunged more than 70 percent in midday trading Monday, dropping 25 cents to 8 cents. Earlier in the session, the stock hit an all-time low of 7.5 cents.The filing late Sunday at U.S. Bankruptcy Court in Delaware comes five months after the company said it was shutting down its credit card lending business in a last-ditch effort to preserve cash as loan losses mounted.The Spring House, Pa., company said it has nearly $100 million in cash on hand, but that would not be enough to meet its debt obligations over time. In its filing, the company listed total assets of $363 million and total debts of $331 million.Advanta is the holding company of Advanta Bank Corp., which is not included in the bankruptcy filing. The bankruptcy will not have any impact on Advanta Bank's outstanding credit card balances and customer payments will continue on normal schedules, the company said. Advanta Bank is currently collecting $2.7 billion in outstanding balances from 360,000 customers. As of June, the credit card accounts were closed to new charges.Advanta Bank's capital levels, however, are below regulatory requirements. The company said it could be shut down by regulators and turned over to the Federal Deposit Insurance Corp.Advanta was hit hard by the credit crisis and resulting recession, as its small-business customers struggled to pay off their debts and saddled the company with hefty loan losses.In July, Advanta said it was laying off half its work force, leaving the company with less than 200 employees."The economic debacle over the last two years devastated Advanta's small business customers and Advanta itself," said Chairman and CEO Dennis Alter in a statement. Alter is waiving his salary and ...
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