An investigation on behalf of investors in Santander Consumer USA Holdings Inc (NYSE:SC) shares over potential wrongdoing at Santander Consumer USA Holdings was announced and NYSE:SC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/14/2017 -- An investigation on behalf of current long-term investors in shares of Santander Consumer USA Holdings Inc (NYSE:SC) was announced over potential breaches of fiduciary duties by certain officers and directors at Santander Consumer USA Holdings.
Investors who purchased shares of Santander Consumer USA Holdings Inc (NYSE:SC) and currently hold any of those 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 concerns whether certain Santander Consumer USA Holdings directors breached their fiduciary duties and caused damage to the company and its shareholders.
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.
March 18, 2016, a lawsuit was filed against Santander Consumer USA Holdings Inc over alleged securities laws violations. The plaintiff claimed 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.
Those who purchased shares of Santander Consumer USA Holdings Inc have certain options and should contact the Shareholders Foundation.
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