News Column

Class Action Lawsuit on Behalf of Santander Consumer USA Holdings Inc. Investors Announced by Kirby McInerney LLP

August 29, 2014



NEW YORK--(BUSINESS WIRE)-- Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the Southern District of New York on behalf of investors who acquired Santander Consumer USA Holdings Inc. (“Santander” or the “Company”) (NYSE:SC) securities issued in connection with the Company’s initial public offering on or about January 23, 2014 (“IPO”). Pursuant to applicable law, investors have until October 27, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.

The lawsuit alleges that the Company, certain officers and directors, as well as IPO underwriters, violated Sections 11 and 15 of the Securities Act of 1933 because Santander’s Registration Statement filed with the SEC in connection with the IPO did not disclose that the Company had engaged in improper practices related to the Company’s subprime auto lending business, misrepresented the quality of the loans the Company had underwritten and misrepresented the Company’s underwriting standards.

On August 7, 2014, Santander revealed that it had received a subpoena from the U.S. Department of Justice seeking production of documents related to the underwriting and securitization of nonprime auto loans since 2007. Santander’s stock price declined from $18.23 to $17.95, a drop of $0.28 per share.

If you acquired Santander securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Meghan Summers at msummers@kmllp.com, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Santander can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.



Kirby McInerney LLP

Meghan Summers, (212) 371-6600

msummers@kmllp.com


Source: Kirby McInerney LLP


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