The Shuman Law Firm Investigates Santander Consumer USA Holdings Inc.
DENVER, CO February 10, 2017 – The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of Santander Consumer USA Holdings Inc. (“Santander USA” or the “Company”) (NYSE: SC). Santander USA, a Dallas, TX-based specialized consumer finance company, provides vehicle finance and third-party servicing in the United States.
The Firm’s investigation focuses on allegations raised in two class action lawsuits filed against Santander USA and certain of the Company’s senior officers and directors relating to the Company’s financial restatement. Specifically, the Firm is investigating claims that Santander USA’s senior management violated generally accepted accounting principles (“GAAP”) by applying an incorrect discount rate to the Company’s Troubled Debt Restructurings (“TDRs”) and incorrected calculated the impairment rate on TDRs. As a result of these errors the Company allegedly materially overstated its net income. When these facts became known, the Company was forced to restate its financial statements for fiscal years 2014 and 2015. In addition, the Firm is also investigating allegations that despite Santander USA’s former public filings which stated that the Company would pay out 30% of its annual earnings in the form of dividends, the Company has yet to pay any dividend.
If you currently own Santander USA common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at email@example.com or Mr. Glenn at firstname.lastname@example.org.