Case Page

 

Case Status:    ONGOING    
On or around 09/29/2017 (Ongoing date of last review)

Filing Date: August 26, 2014

According to the law firm press release, Santander is a specialized consumer finance company focused on vehicle finance and unsecured consumer lending products. The Company’s primary business is the indirect origination of retail installment contracts principally through manufacturer-franchised dealers in connection with their sale of new and used vehicles to retail consumers. In connection with the Company’s IPO, Santander’s selling stockholders sold approximately 85 million shares of Class A common stock to the public at a price of $24.00 per share.

On August 7, 2014, after the close of trading, Santander revealed in a quarterly filing that the Company had received a civil subpoena from the United States Department of Justice under the Financial Institutions Reform, Recovery and Enforcement Act (“FIRREA”) requesting the production of documents and communications related to the Company’s underwriting and securitization of nonprime auto loans since 2007. Following this news, shares of Santander declined over 1% to close on August 8, 2014, at $17.95 per share, representing a 25% decline in Santander’s stock price from the IPO price of $24.00.

On June 17, 2015, the Court issued an Order transferring this case to the Northern District of Texas.

An amended complaint was filed on October 30, 2015.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SC
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: N.D. Texas
DOCKET #: 14-CV-06942
JUDGE: Hon. John F. Keenan
DATE FILED: 08/26/2014
CLASS PERIOD START: 01/23/2014
CLASS PERIOD END: 08/26/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (NY)
    1430 Broadway, Suite 1603, Glancy Binkow & Goldberg LLP (NY), NY 10018
    212.382.2221 212.382.2221 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 15-CV-02129
JUDGE: Hon. John F. Keenan
DATE FILED: 10/30/2015
CLASS PERIOD START: 01/23/2014
CLASS PERIOD END: 06/12/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Grant & Eisenhofer (New York)
    485 Lexington Avenue, 29th Floor, Grant & Eisenhofer (New York), NY
    646.722.8500 646.722.8500 · lawyers@gelaw.com
  2. Kendall Law Group, LLP
    3232 McKinney, Ste 700, Kendall Law Group, LLP, TX 75204
    214.744.3000 214.744.3000 ·
  3. Robbins Geller Rudman & Dowd LLP (New SF Office)
    One Montgomery Street, Suite 1800, Robbins Geller Rudman & Dowd LLP (New SF Office), CA 94104
    (415) 288-4545 (415) 288-4534 ·
No Document Title Filing Date