NEW YORK, May 11, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Santander Consumer USA Holdings Inc. (“Santander” or the “Company”) (NYSE:SC) between February 3, 2015 and March 15, 2016.
You are hereby notified that a securities class action has commenced in the USDC for the Northern District of Texas. If you purchased or otherwise acquired Santander securities between February 3, 2015 and March 15, 2016, your rights may be affected by this action. To get more information go to: http://www.zlk.com/pslra/santander-consumer-usa-holdings-inc.
The complaint alleges that defendants violated the Securities Exchange Act of 1934 by failing to disclose during the Class Period that the Company’s methodology for estimating credit loss allowance on individually acquired retail installment contracts was improper and would require correction of previously issued financial statements.
On February 29, 2016, Santander disclosed it was unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. On March 15, 2016, Santander disclosed it would not meet the extended filing deadline for its 2015 Annual Report, citing an inability to implement changes to its methodology for estimating credit loss allowance on individually acquired retail installment contracts to address concerns raised by the Division of Corporation Finance of the SEC.
If you suffered a loss in Santander you have until May 17, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/pslra/santander-consumer-usa-holdings-inc.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.