LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP, representing investors of Santander Consumer USA Holdings Inc. (“Santander” or the “Company”) (NYSE:SC), has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the common stock of Santander pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering (the “IPO”) on January 23, 2014.
Please contact Casey Sadler, Esquire or Lesley Portnoy, Esquire at (310) 201-9150, or at shareholders@glancylaw.com to discuss this matter. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
Santander is a specialized consumer finance company focused on vehicle finance and unsecured consumer lending products. The Company’s primary business is the indirect origination of retail installment contracts principally through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers. In connection with the Company’s IPO, Santander’s selling stockholders sold approximately 85 million shares of Class A common stock to the public at a price of $24.00 per share.
On August 7, 2014, after the close of trading, Santander revealed in a quarterly filing that the Company had received a civil subpoena from the United States Department of Justice under the Financial Institutions Reform, Recovery and Enforcement Act (“FIRREA”) requesting the production of documents and communications related to the Company’s underwriting and securitization of nonprime auto loans since 2007. Following this news, shares of Santander declined over 1% to close on August 8, 2014, at $17.95 per share, representing a 25% decline in Santander’s stock price from the IPO price of $24.00.
If you are a member of the Class described above, you may move the Court, no later than 60 days from the date of this Notice to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, or Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
This Notice may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
