The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Northern District of Texas on behalf of investors who purchased Santander Consumer USA Holdings Inc. (NYSE: SC) securities between February 3, 2015 and March 15, 2016.
The complaint alleges that defendants violated the Securities Exchange Act of 1934 by failing to disclose during the Class Period that the Company’s methodology for estimating credit loss allowance on individually acquired retail installment contracts was improper and would require correction of previously issued financial statements.
On February 29, 2016, Santander disclosed it was unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. On March 15, 2016, Santander disclosed it would not meet the extended filing deadline for its 2015 Annual Report, citing an inability to implement changes to its methodology for estimating credit loss allowance on individually acquired retail installment contracts to address concerns raised by the Division of Corporation Finance of the SEC.
If you suffered a loss in Santander Consumer USA you have until May 17, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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