SAN DIEGO and DALLAS, Aug. 29, 2014 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Santander Consumer USA Holdings Inc. (NYSE:SC) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of New York. The complaint alleges violations of the Securities Act of 1933 against the Company and certain of its officers and directors traceable to Santander's January 23, 2014 initial public stock offering (the "IPO"). Santander is a specialized consumer finance company that provides vehicle finance and unsecured consumer lending products in the United States.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/santander-consumer-usa-holdings-inc.
Santander Subpoenaed by the United States Department of Justice in Relation to Company's Underwriting and Securitization of Nonprime Auto Loans
According to the complaint, on August 7, 2014, Santander disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that the company received a civil subpoena from the U.S. Department of Justice pursuant to the Financial Institutions Reform, Recovery and Enforcement Act. In the filing, the company disclosed, among other things, that the subpoena sought the production of documents related to the underwriting and securitization of nonprime auto loans since 2007. Following this disclosure, Santander shares fell to $17.95 per share, representing a 25% decline in value from the company's January 24, 2014 price of $24.00.
In addition, the complaint alleges that the Registration Statement for the IPO was inaccurate and misleading, causing class members to sustain damages.
Santander Investors Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Santander and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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