Philadelphia, Pennsylvania--(Newsfile Corp. - September 22, 2023) - An underlying securities fraud class action complaint alleges, Discover Financial Services (NYSE: DFS), through certain of its officers and directors, made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, it is alleged that Defendants made false and/or misleading statements and/or failed to disclose that: (i) DFS maintained deficient risk management and compliance procedures; (ii) as a result of the foregoing deficiencies, the Company failed to comply with applicable student loan servicing standards, misclassified certain credit card accounts, overcharged customers, and failed to stem its ballooning credit card delinquency rate; (iii) when these issues became known, they would subject DFS to significant financial exposure, regulatory scrutiny, and reputational harm; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
Current Discover Financial Services shareholders who have held DFS shares since on or before February 21, 2019, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged visit https://grabarlaw.com/the-latest/discover-financial-shareholder-investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
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