NEW YORK, May 14, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the District of Puerto Rico on behalf of those who purchased shares of Doral Financial Corporation ("Doral Financial" or the "Company") (NYSE: DRL), during the period between April 2, 2012 and May 1, 2014, inclusive (the "Class Period").
The complaint charges Doral Financial and certain of its executives with violations of federal securities laws. Specifically, the complaint alleges that (i) the Company had a material weakness in its internal controls over financial reporting and disclosure controls, and that such controls were ineffective; (ii) the Company had under-reserved for loan losses; (iii) as a result of having under-reserved for loan losses, the Company's assets were overstated, its expenses were understated, its net income was overstated, and Doral Bank did not meet its Tier I regulatory capital requirements as stated throughout the Class Period and as required by bank regulators to operate the bank; and (iv) as a result of the foregoing, defendants knew Doral Bank was undercapitalized and the Company was not on track to achieve the financial results they had led the market to expect during the Class Period.
Plaintiff seeks to recover damages on behalf of all Doral Financial shareholders who purchased common stock during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. July 14, 2014 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC