NEW YORK -- (Business Wire)
Kirby McInerney LLP announced today that a class action lawsuit is
pending in the United States District Court for the Southern District of
New York on behalf of investors who acquired Santander Consumer USA
Holdings Inc. (“Santander” or the “Company”) (NYSE:SC) securities issued
in connection with the Company’s initial public offering on or about
January 23, 2014 (“IPO”). Pursuant to applicable law, investors have
until October 27, 2014 to file a motion to be appointed as lead
plaintiff in the investor lawsuit.
The lawsuit alleges that the Company, certain officers and directors, as
well as IPO underwriters, violated Sections 11 and 15 of the Securities
Act of 1933 because Santander’s Registration Statement filed with the
SEC in connection with the IPO did not disclose that the Company had
engaged in improper practices related to the Company’s subprime auto
lending business, misrepresented the quality of the loans the Company
had underwritten and misrepresented the Company’s underwriting standards.
On August 7, 2014, Santander revealed that it had received a subpoena
from the U.S. Department of Justice seeking production of documents
related to the underwriting and securitization of nonprime auto loans
since 2007. Santander’s stock price declined from $18.23 to $17.95, a
drop of $0.28 per share.
If you acquired Santander securities during this period and you are
interested in learning more about this matter and any rights you might
have with respect to these claims, contact Meghan Summers at msummers@kmllp.com,
by telephone at (212) 371-6600, or by filling
out this form. Please bear in mind that some of these rights may be
time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, whistleblower, antitrust and consumer
litigation. The firm has specialized in complex litigation, including
securities class actions, for several decades. Kirby McInerney LLP has
repeatedly demonstrated its expertise in this field, and has been
recognized by various courts that have appointed the firm to major
positions in consolidated and multi-district litigation. The firm’s
efforts on behalf of shareholders in securities litigation have resulted
in recoveries totaling billions of dollars, and the firm’s achievements
and quality of service have been chronicled in numerous published
decisions. Additional information about the firm or the claims against
Santander can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
Contacts:
Kirby McInerney LLP
Meghan Summers, (212) 371-6600
msummers@kmllp.com
Source: Kirby McInerney LLP
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