An investigation on behalf of current long term investors in NYSE:SC shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:SC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/06/2016 -- An investigation was announced for current long-term investors in shares of Santander Consumer USA Holdings Inc (NYSE:SC) concerning potential breaches of fiduciary duties by certain directors of Santander Consumer USA Holdings Inc.
Investors who are current long term investors in Santander Consumer USA Holdings Inc (NYSE:SC) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm for current long term investors in NYSE:SC stocks follows a lawsuit filed recently against Santander Consumer USA Holdings Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:SC stocks, concerns whether certain Santander Consumer USA Holdings directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of Texas the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 3, 2015 and March 15, 2016 defendants made materially false and/or misleading statements regarding the Company's financial performance and/or failed to disclose that (1) the Company's methodology for estimating credit loss allowance on individually acquired retail installment contracts was improper; (2) as a result, the Company would need to correct its previously issued financial statements; and (3) as a result of the foregoing, defendants' statements about Santander's business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On March 15, 2016, Santander Consumer USA Holdings Inc notified the New York Stock Exchange ("NYSE") that it is not in compliance with Rule 8.01E of the NYSE's listed company manual as a result of its failure to file the Form 10-K within the extended time period. According to Santander Consumer USA Holdings Inc, it has received an open comment letter from the Division of Corporation Finance of the SEC on the Company's Form 10-K for the fiscal year ended December 31, 2014 and Form 10-Q for the quarter ended September 30, 2015 with respect to the Company's credit loss allowance, including the removal of seasonality and the increase in troubled debt restructuring ("TDR") impairment during the quarter ended September 30, 2015 as well as certain TDR disclosures in both periods.
Shares of Santander Consumer USA Holdings Inc (NYSE:SC) declined from as high as$26.45 per share in June 2015 to as low as $8.54 per share on March 16, 2016.
Those who purchased shares of Santander Consumer USA Holdings Inc have certain options and should contact the Shareholders Foundation.
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