STEVENSON, Md., Sept. 1, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Santander Consumer USA Holdings Inc. ("Santander" or the "Company") (NYSE:SC) common stock acquired pursuant and/or traceable to the Company's Registration Statement and Prospectus ("Offering Documents") issued in connection with the Company's Initial Public Offering (the "IPO") on January 23, 2014.
If you have suffered a loss from investment in Santander common stock purchased in connection with the Company's IPO on January 23, 2014 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 27, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants' failure to disclose in the Offering Documents that the Company engaged in improper practices relating to the Company's subprime auto lending business, the true quality of the loans the Company had underwritten, and the inadequacy of the Company's underwriting standards. According to the complaint, following the Company's August 7, 2014 announcement that the Company had received a civil subpoena from the United States Department of Justice under the Financial Institutions Reform, Recovery and Enforcement Act requesting the production of documents and communications related to the Company's underwriting and securitization of nonprime auto loans since 2007, the value of Santander shares declined.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.