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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of February 21, 2019, by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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September 11, 2018 - The court preliminarily approved the settlement.
July 18, 2018 - A stipulation and agreement of settlement was entered by the parties.
January 3, 2018 - The court granted in part and denying in part the defendants' motion to dismiss.
March 14, 2017 - A motion to dismiss was filed.
December 20, 2016 - An amended complaint was filed.
March 18, 2016 - An investor in shares of Santander Consumer USA Holdings Inc (NYSE: SC) filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by Santander Consumer USA Holdings Inc in connection with certain allegedly false and misleading statements made between February 3, 2015 and March 15, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Santander Consumer USA Holdings Inc (NYSE: SC) common shares between February 3, 2015 and March 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 3, 2015 and March 15, 2016 defendants made materially false and/or misleading statements regarding the Company’s financial performance and/or failed to disclose that (1) the Company’s methodology for estimating credit loss allowance on individually acquired retail installment contracts was improper; (2) as a result, the Company would need to correct its previously issued financial statements; and (3) as a result of the foregoing, defendants’ statements about Santander Consumer USA Holdings Inc’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On March 15, 2016, Santander Consumer USA Holdings Inc notified the New York Stock Exchange (“NYSE”) that it is not in compliance with Rule 8.01E of the NYSE’s listed company manual as a result of its failure to file the Form 10-K within the extended time period. According to Santander Consumer USA Holdings Inc, it has received an open comment letter from the Division of Corporation Finance of the SEC on the Company’s Form 10-K for the fiscal year ended December 31, 2014 and Form 10-Q for the quarter ended September 30, 2015 with respect to the Company’s credit loss allowance, including the removal of seasonality and the increase in troubled debt restructuring (“TDR”) impairment during the quarter ended September 30, 2015 as well as certain TDR disclosures in both periods. Shares of Santander Consumer USA Holdings Inc (NYSE: SC) declined from as high as $26.45 per share in June 2015 to as low as $8.54 per share on March 16, 2016.