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Case Status:    SETTLED
On or around 08/08/2016 (Date of order of final judgment)

Filing Date: May 14, 2014

According to the law firm press release, Doral was organized in 1972 under the laws of the Commonwealth of Puerto Rico and operates as a bank holding company. Doral's principal operations are conducted in Puerto Rico, with growing operations in the United States, specifically in the New York City metropolitan area, as well as in northwest and south Florida.

The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects and failed to disclose adverse facts, including that: (a) the Company had a material weakness in its internal controls over financial reporting and disclosure controls, and that such controls were ineffective; (b) the Company had understated its loan reserves; and (c) as a result of having understated its loan loss reserves, the Company's assets were overstated, its expenses were understated, its net income was overstated, and Doral Bank did not meet its Tier I regulatory capital requirements as stated throughout the Class Period.

On March 18, 2014, Doral notified the SEC that it was unable to timely file its annual financial report for fiscal 2013. On this news, the price of Doral common stock dropped more than $1 per share, closing down at $11.17 per share on March 18, 2014, from its close the prior evening of $12.30 per share.

On Friday March 21, 2014, after the close of trading, Doral issued a press release and filed its annual financial report with the SEC on Form 10-K, for the period ended December 31, 2013. On this news, the price of Doral common stock declined from its close of $11.55 per share on the evening of March 21, to close at $10.76 per share on Monday, March 24th.

On May 1, 2014, the Company announced that it has been advised by the Federal Deposit Insurance Corporation (the "FDIC") that the bank could not include some or all of its tax receivables from the Puerto Rican government in its calculation of Tier 1 capital. Puerto Rico tax receivables accounted for $289 million of the bank's approximately $679 million of Tier 1 Capital as of December 31, 2013. On this news, shares of Doral fell $6.09, or more than 62%, on intraday trading to $3.73, on unusually heavy trading volume on May 2, 2014.

On August 1, 2014, the Court approved a Stipulation appointing lead plaintiffs and lead counsel. Lead plaintiffs filed an amended complaint on November 6.

On July 22, 2015, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On February 29, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on April 21. Final approval was granted on August 8.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: Puerto Rico

SECURITIES INFORMATION:

Ticker Symbol: DRL
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Puerto Rico
DOCKET #: 14-CV-01393
JUDGE: Hon. Gustavo A. Gelpi
DATE FILED: 05/14/2014
CLASS PERIOD START: 04/02/2012
CLASS PERIOD END: 05/01/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Andres W. Lopez Law Office
    207 Del Parque St., Third Floor, Andres W. Lopez Law Office, PR 00912
    787.406.9075 787.406.9075 ·
  2. Curtis V. Trinko LLP
    16 West 46th Street 7th Floor, Curtis V. Trinko LLP, NY 10036
    212.490.9550 212.986.0158 · ctrinko@trinko.com
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: D. Puerto Rico
DOCKET #: 14-CV-01393
JUDGE: Hon. Gustavo A. Gelpi
DATE FILED: 11/06/2014
CLASS PERIOD START: 04/02/2012
CLASS PERIOD END: 05/01/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Andres W. Lopez Law Office
    207 Del Parque St., Third Floor, Andres W. Lopez Law Office, PR 00912
    787.406.9075 787.406.9075 ·
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  3. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  4. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
No Document Title Filing Date