According to the law firm press release, Santander, through various subsidiaries, is a 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.
The Complaint alleges that throughout the Class Period, 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’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
An amended complaint was filed on December 20, 2016.
Defendants filed a Motion to Dismiss on March 14, 2017. On January 3, 2018, the Court granted in part and denied in part the Motion to Dismiss, and dismissed all claims against one of the individual Defendants.