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Santander Consumer USA Holdings Inc. (SC)

(NYSE: SC)

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Santander Consumer USA Holdings Inc. (SC) To Contact The Firm

NEW YORK, August 30, 2014 /Marketwired/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Santander Consumer USA Holdings Inc. (“Santander” or the “Company”) (NYSE: SC) of the October 27, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Santander, certain executives and directors, and underwriters of the Company’s January 23, 2014 initial public offering (the “IPO”).

A complaint has been filed in the Southern District of New York on behalf of all persons who purchased or otherwise acquired Santander securities pursuant and/or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the IPO (the “Class Period”).

The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, defendants violated Sections 11 and 15 of the Securities Act of 1933 because Santander’s Registration Statement failed to disclose that: (i) the Company engaged in improper practices in relation to Santander’s subprime auto lending business; (ii) Santander misrepresented the quality of the loans it had underwritten; and (iii) the Company misrepresented Santander’s standards of underwriting.
On August 7, 2014, Santander announced that it had received a subpoena from the U.S. Department of Justice requesting production of documents relating to the underwriting and securitization of nonprime auto loans since 2007.
Following this news, the price of Santander stock declined by $0.28, or more than 1 percent, to close at $17.95 on August 8, 2014.
Request more information now by clicking here:  www.faruqilaw.com/SC. There is no cost or obligation to you.

Take Action

If you invested in Santander stock or options pursuant and/or traceable to the Registration Statement and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Santander’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 08/29/2014

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