NEW YORK, NY --(Marketwired - August 30, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Santander Consumer USA Holdings Inc. ("Santander" or the "Company") (
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased or otherwise acquired Santander securities pursuant and/or traceable to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with the IPO (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, defendants violated Sections 11 and 15 of the Securities Act of 1933 because Santander's Registration Statement failed to disclose that: (i) the Company engaged in improper practices in relation to Santander's subprime auto lending business; (ii) Santander misrepresented the quality of the loans it had underwritten; and (iii) the Company misrepresented Santander's standards of underwriting.
On August 7, 2014, Santander announced that it had received a subpoena from the U.S. Department of Justice requesting production of documents relating to the underwriting and securitization of nonprime auto loans since 2007.
Following this news, the price of Santander stock declined by $0.28, or more than 1 percent, to close at $17.95 on August 8, 2014.
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Take Action
If you invested in Santander stock or options pursuant and/or traceable to the Registration Statement and would like to discuss your legal rights, visit www.faruqilaw.com/SC . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Santander's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw .
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