Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Discover Financial Services (“Discover”) (NYSE: DFS) investors that the firm has initiated an investigation into whether Discover issued false and misleading statements to investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On July 19, 2023, after market hours, Discover Financial Services issued a press release announcing its financial results for the quarter ending June 30, 2023. Among other items, Discover Financial Services disclosed that beginning around mid-2007, it had “incorrectly classified certain credit card accounts into our highest merchant and merchant acquirer pricing tier. [. . .] An investigation into this issue by an external law firm working at the direction of the Audit Committee of the Board of Directors is ongoing. Discover is in discussions with its regulators regarding this matter and corporate governance and risk management. In addition, the Company received a proposed consent order from the FDIC in connection with consumer compliance. This proposed consent order does not include the card product classification matter. Additional supervisory actions could occur.”
On this news, Discover Financial Services’ share prices fell over $20.03 per share, or 16.53%, in intraday trading on July 20, 2023.
Then, on August 15, 2023, Discover announced the resignation of its Chief Executive Officer. On this news, Discover shares fell sharply in intraday trading.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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