NEW YORK, Sept. 22, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C. announces the filing of a class action lawsuit against Discover Financial Services (NYSE:DFS) ("DFS" or the "Company") for violations of the federal securities laws on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired DFS common stock between February 21, 2019 and August 14, 2023, both dates inclusive (the "Class Period").
On September 1, 2023, a complaint was filed in the United States District Court for the Northern District of Illinois against DFS and certain officers. The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) DFS maintained deficient risk management and compliance procedures; (ii) as a result of the foregoing deficiencies, the Company had, inter alia, failed to comply with applicable student loan servicing standards, misclassified certain credit card accounts, overcharged customers, and failed to stem its ballooning credit card delinquency rate; (iii) the foregoing issues, when they became known would subject DFS to significant financial exposure, regulatory scrutiny, and reputational harm; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On July 20, 2022, DFS issued a press release announcing its financial results for the second quarter of 2022. Among other items, DFS disclosed that it "is suspending until ...
DFS) Investors of Securities Class Action Lawsuit and Encourages Investors with more than $100,000 in Losses to Contact the Firm>Full story available on Benzinga.com