SOURCE: Hagens Berman Sobol Shapiro LLP

Hagens Berman Sobol Shapiro LLP

May 10, 2016 08:30 ET

DEADLINE ALERT: Hagens Berman Reminds Santander Consumer USA Holdings Inc. Investors of May 17, 2016 Lead Plaintiff Deadline in Restatement Class Action

SAN FRANCISCO, CA--(Marketwired - May 10, 2016) - Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Santander Consumer USA Holdings Inc. (NYSE: SC) investors of the May 17, 2016 lead plaintiff deadline in the securities class action lawsuit related to Santander's improper accounting for credit loss allowance and restatements of its financial statements.

If you suffered significant losses because of your purchases of Santander between February 3, 2015 and March 15, 2016 or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation by calling 510-725-3000, emailing SC@hbsslaw.com or visiting https://www.hbsslaw.com/cases/SC. The lawsuit was filed in the U.S. District Court for the Northern District of Texas, Dallas Division, and investors have until May 17, 2016 to move the court to participate as a lead plaintiff.

On March 15, Santander announced it: (1) would not timely file its Form 10-K; (2) violated NYSE Rule 8.01E; and, (3) would restate its financial statements because it improperly estimated credit loss allowance. In response, by March 16, 2016, its stock fell $1.70, or 16%, to $9.00 per share.

Two weeks later, Santander disclosed it restated net income (1) 82% lower for the quarter-ended 12/31/15, (2) 5% lower for each of 2014 and 2015, and (3) 2% higher for 2013.

 "We believe Defendants' choice of accounting was not a judgement call. It was a GAAP violation, and when corrected it had a devastating impact on investors," said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding Santander Consumer USA Holdings, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SC@hbsslaw.com.

About Hagens Berman
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Contact Information

  • Contact:
    Reed Kathrein
    510-725-3000