NEW YORK--(BUSINESS WIRE)--
Fruchter & Twersky, LLP announces that a class action lawsuit
has been filed in the United States District Court for the District of
Puerto Rico on behalf of all persons or entities who purchased the
common stock of Doral Financial Corporation (“Doral” or the
between April 2, 2012 and May 1, 2014, inclusive (the “Class Period”).
If you would like to discuss this action or if you have any questions
concerning this notice or your rights as a potential class member or
lead plaintiff, you may contact: Jeffrey S. Abraham or Arthur J. Chen of
Abraham, Fruchter & Twersky, LLP toll free at (800) 440-8986, or via
e-mail at email@example.com or firstname.lastname@example.org.
On May 1, 2014, after the market closed, Doral disclosed in a press
release that it had been “advised by the Federal Deposit Insurance
Corporation (the “FDIC”) that it may no longer include in its
calculation of its Tier 1 some or all of the tax receivables from the
Government of Puerto Rico.” As a result, Doral would “no longer be in
compliance with its capital requirements under its Consent Order with
the FDIC.” The FDIC ordered Doral to revise its capital plan which,
according to the Company, could force it to sell their assets. On this
news, the price of Doral's shares dropped from a previous day close of
$9.82 to close at $3.73 per share, a decline of over 60%, on abnormally
If you purchased the common stock of Doral between April 2, 2012 through
May 1, 2014 and would like to serve as lead plaintiff in this action,
you must move the Court no later than July 14, 2014. Any member of the
proposed class may move the Court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain a member
of the proposed class.
Abraham, Fruchter & Twersky, LLP has extensive experience in securities
class action cases, and the firm has been ranked among the leading class
action law firms in terms of recoveries achieved by a survey of class
action law firms conducted by Institutional Shareholder Services. Please
visit us at http://www.aftlaw.com
for more information.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Abraham, Fruchter & Twersky, LLP
Jeffrey S. Abraham, (800)
Arthur J. Chen, (800) 440-8986
Source: Abraham, Fruchter & Twersky, LLP