NEW YORK, Aug. 28, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Discover Financial Services ("Discover" or the "Company") (NYSE: DFS). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Discover and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 14, 2023, Discover announced that its Board of Directors had "accepted the resignation of Roger C. Hochschild from his positions as Chief Executive Officer and President of the Company, a member of the Board and a director and officer of Discover Bank . . . , each effective August 14, 2023." In a separate filing with the U.S. Securities and Exchange Commission that same day, Discover disclosed that its credit card delinquency rate increased to 3.00% in July from 2.86% in June and now stands at higher level than the pre-pandemic rate of 2.37% in July 2019.
Following these disclosures, Discover's stock price fell $9.69 per share, or 9.44%, to close at $92.96 per share on August 15, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
