SHAREHOLDER ALERT: Sarraf Gentile LLP Investigating Santander Consumer USA Holdings

GREAT NECK, NY / ACCESSWIRE / July 27, 2016 / Sarraf Gentile LLP announces that it is investigating possible breaches of fiduciary duty by the board of directors of Santander Consumer USA Holdings (NYSE: SC).

On February 29, 2016, Santander disclosed it was unable to timely file its Annual Report for the fiscal year ended December 31, 2015. Then, 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. The Company further announced its noncompliance with Rule 8.01E of the NYSE’s listed company manual as a result of its failure to file its annual report within the extended time period.

Following these disclosures, class action lawsuits were filed against the company and certain of its officers alleging violations of the federal securities laws. Those actions were consolidated and are pending in the United States District Court, Northern District of Texas, Dallas Division, under docket number 16-cv-00783. No class has yet been certified in the action. Until a class is certified, you are not represented by counsel unless you retain one. Sarraf Gentile LLP has not filed a lawsuit against the defendants.

If you are a current Santander shareholder and want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (telephone: 516-699-8890, extension 12; e-mail: joseph@sarrafgentile.com).

Sarraf Gentile LLP has extensive experience litigating shareholder actions across the United States and has recovered millions of dollars on behalf of injured shareholders.

NOTE: Sarraf Gentile LLP pledges to donate 10% of any net attorneys’ fees earned in connection with this matter to worthy unaffiliated charities.

ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.

Contact:

Joseph Gentile
SARRAF GENTILE LLP
14 Bond Street, Suite 212
Great Neck, NY 11021
T 516.699.8890
F 516.699.8968
joseph@sarrafgentile.com
www.sarrafgentile.com

SOURCE: Sarraf Gentile LLP

ReleaseID: 442922