NEW YORK, March 16, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Santander Consumer USA Holdings Inc. ("Santander" or the "Company") (NYSE: SC). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Santander and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 15, 2016, Santander disclosed that it would miss a second deadline for filing its annual report as it recalculates provisions for loan losses in response to regulatory concerns. The U.S. Securities and Exchange Commission has requested details of previous disclosures about the Company's credit loss exposure, including impairments on troubled debt, as Santander is changing its methodology for estimating bad debt expense.
On this news, Santander stock has fallen as much as $1.21, or 12.41%, to $8.54 during intraday trading on March 16, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP firstname.lastname@example.org
SOURCE Pomerantz LLP