NEW ORLEANS, May 16, 2014 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 14, 2014 to file lead plaintiff applications in two securities class action lawsuits that have been against Doral Financial Corporation (NYSE: DRL), if they purchased the Company's securities during the period between April 2, 2012 and May 1, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the District of Puerto Rico.
What You May Do
If you purchased shares of Doral and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn ([email protected]) or KSF Partner Melinda Nicholson ([email protected]). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 14, 2014.
About the Lawsuit
Doral and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On May 1, 2014, Doral disclosed that the Puerto Rican government was disputing whether a purported tax receivable due Doral, which accounted for $289 million of Doral's Tier 1 capital for fiscal 2013, was indeed payable, and that the U.S. Federal Deposit Insurance Corporation had advised Doral that it could not include the tax receivable in its Tier 1 capital ratio, rendering Doral significantly undercapitalized, and had ordered Doral to revise its capital plan, which could force it to sell assets.
On this news, the price of Doral's shares declined by over 60%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
SOURCE Kahn Swick & Foti, LLC