Harwood Feffer LLP Announces Investigation of DFC Global Corp.
NEW YORK, Aug. 28, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of DFC Global Corp. ("DFC Global" or the "Company") (NASDAQ: DLLR) concerning whether the board has breached its fiduciary duties to shareholders.
In May 2013, the Company disclosed that the Consumer Financial Protection Bureau ("CFPB") advised the Company that as a result of a review of the Company's Military Installment Loan and Education Services Program, the CFPB intends to initiate an administrative proceeding against the Company related to its marketing of certain vehicle service and insurance products and a requirement that such loans be repaid via a military allotment.
On August 22, 2013, DFC Global announced its fiscal fourth quarter and full-year 2013 financial results, and disclosed that the Company experienced higher loan defaults in its United Kingdom business during the second half of the fiscal year, which the Company attributed to new, more-restrictive regulatory requirements in the United Kingdom. Following this news, the price of DFC Global shares dropped nearly 29%, from a closing price of $15.90 per share on August 22, 2013, to a close of $11.31 per share on August 23, 2013.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own DFC Global shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Daniella Quitt, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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