META FINANCIAL GROUP, INC. (CASH) BREACH OF FIDUCIARY DUTY CLAIMS INVESTIGATION

Meta Financial Group, Inc. (“Meta Financial” or “the Company”) is a Delaware corporation headquartered in Storm Lake, Iowa which offers various banking products and services in Iowa and elsewhere. Its stock is listed on NASDAQ.

According to a 2011 lawsuit filed against the Company, in 2009 the federal Office of Thrift Supervision (“OTS”) commenced an investigation of the Company’s iAdvance lending product. iAdvance was designed to provide credit to low income individuals through prepaid cards backed by prospective tax refunds. According to the lawsuit, OTS was investigating whether iAdvance violated federal laws that protect low income individuals from improper garnishment and excessive interest rates. Although iAdvance was a core business of Meta Financial, the OTS investigation of iAdvance was not disclosed by the Company until October 2010, at which time the Company revealed that OTS had determined that iAdvance constituted “unfair or deceptive” conduct in violation of federal law, and that it would be discontinued. Because iAdvance had contributed significantly to the Company’s gross profits, the Company’s stock price immediately dropped from $33 per share to just $13 per share in a matter of days.

The Company and several of its officers and directors have been sued for violation of the Federal Securities Laws in connection with these allegations, and a federal judge in Iowa has denied a motion to dismiss these claims.

We are investigating whether the same alleged conduct may constitute breaches of fiduciary duty by the Company’s officers and directors, in anticipation of a possible lawsuit on behalf of the Company to recover the damages the Company suffered by their improper actions. This is called a shareholder derivative suit. If you are a current Meta Financial shareholder you may be able to pursue such a derivative claim on the corporation’s behalf. If successful, a derivative claim could potentially result in a cash payment to the Company, correction of the Company’s improper procedures, and payment to the derivative plaintiff of an incentive award to compensate the plaintiff for his or her efforts, subject to court approval.

If you are a current Meta Financial shareholder, you may contact Robert Schubert (rschubert@schubertlawfirm.com) or Willem Jonckheer (wjonckheer@schubertlawfirm.com) or call 415-788-4220.