LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Discover Financial Services (“Discover” or “the Company”) (NYSE: DFS) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Discover belatedly disclosed in a February 26, 2020, regulatory filing that the Consumer Financial Protection Bureau (“CFPB”) was investigating it over its student loan servicing practices and its compliance with the Consent Order agreed to by the Company in 2015. Prior to this disclosure, the Company engaged in a multiyear campaign of assuring investors that its reforms were keeping it in compliance with the 2015 Consent Order. The Company consistently touted the effectiveness of its internal controls and other supposed improvements to maintain compliance with the CFPB. Based on this news, Shares of Discover fell 6.5% on February 27, 2020.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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