The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the Northern District of Texas on
behalf of purchasers of Santander Consumer USA Holdings Inc. (NYSE: SC)
(“Santander” or the “Company”) securities during the period between
February 3, 2015 and March 15, 2016, inclusive (the “Class Period”).
Investors with losses in excess of $100,000 who wish to become
proactively involved in the litigation have until May 17, 2016 to seek
appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement for the Class in the
action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in the Company’s securities
during the Class Period. Members of the Class will be represented by the
lead plaintiff and counsel chosen by the lead plaintiff. No class has
yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that the Company’s methodology for estimating
credit loss allowance on individually acquired retail installment
contracts was improper and would require correction of its previously
issued financial statements.
According to the complaint, following the Company’s March 15, 2016
disclosure that it was unable to meet the extended filing deadline for
its 2015 Annual Report because it was unable to implement changes to its
methodology for estimating credit loss allowance on individually
acquired retail installment contracts to address concerns raised by the
Division of Corporation Finance of the Securities and Exchange
Commission with respect to estimating the Company’s credit loss
allowance, including the removal of seasonality and the increase in
troubled debt restructuring impairment, the value of Santander’s shares
declined significantly.
If you have suffered a loss from investment in Santander securities
purchased on or after February 3, 2015 and held through the revelation
of negative information during and/or at the end of the Class Period and
would like to learn more about this lawsuit and your ability to
participate as a lead plaintiff, without cost or obligation to you,
please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616. Brower Piven also encourages
anyone with information regarding the Company’s conduct during the
period in question to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
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