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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 1997
ADVANTA CORP.
(Exact name of Registrant as specified in its charter)
Delaware 0-14120 23-1462070
(State or other juris- (Commission (IRS Employer
diction of incorporation) File No.) Identification No.)
Welsh & McKean Roads, P.O. Box 844
Spring House, Pennsylvania 19477
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 657-4000
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On June 30, 1997, purported shareholders of Advanta Corp. (the
"Company") filed a putative class action lawsuit in the United States District
Court for the Eastern District of Pennsylvania on behalf of an alleged class
consisting of all persons who purchased the common stock of the Company between
August 13, 1996 through March 17, 1997, inclusive (the "Class Period").
The complaint, among other things, charges the Company and
certain of its present and former officers with violations of Sections 10(b) and
20(a) of the Securities Exchange Act of 1934. According to the complaint, during
the Class Period defendants disseminated information concerning the Company's
earnings, return on equity and growth which failed to disclose the fact that the
performance of the Company's credit card operations had reversed course.
According to the complaint, the defendants are alleged to have employed a change
in accounting methodology to mask and forestall recognition of such reversal.
On July 8, 1997, purported shareholders of the Company filed a
putative class action lawsuit in the United States District Court for the
Eastern District of Pennsylvania on behalf of an alleged class consisting of all
persons who purchased or otherwise acquired the common stock of the Company
between October 17, 1996 and March 17, 1997. The allegations set forth in such
complaint are substantially similar to those set forth in the lawsuit filed on
June 30, 1997.
The Company believes that the conduct of the defendants has
been and is entirely proper and lawful and that the lawsuits are without merit,
and intends to vigorously defend the lawsuits.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ADVANTA CORP.
(Registrant)
Date: July 14, 1997 By: /s/Elizabeth H. Mai
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Elizabeth H. Mai
Senior Vice President
and General Counsel
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