LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 17, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Santander Consumer USA Holdings Inc. (“Santander” or the “Company”) (NYSE: SC) securities between February 3, 2015 and March 15, 2016, inclusive (the “Class Period”).
Santander, through various subsidiaries, is a 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.
The Complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements regarding the Company’s financial performance and/or failed to disclose that (1) the Company’s methodology for estimating credit loss allowance on individually acquired retail installment contracts was improper; (2) as a result, the Company’s would need to correct its previously issued financial statements; and (3) as a result of the foregoing, defendants’ statements about Santander’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
If you purchased Santander shares, you may move the Court no later than May 17, 2016 to request appointment as lead plaintiff. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email 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.
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