Santander Consumer USA Holdings Inc. Securities Litigation
On or around 09/11/2018 (Settlement preliminarily approval)
Filing Date: March 18, 2016
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.
On July 16, 2018, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 11.
Company & Securities Information
Defendant: Santander Consumer USA Holdings Inc.
Industry: Consumer Financial Services
Headquarters: United States
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.
First Identified Complaint
Cynthia A Parmelee, et al. v. Santander Consumer USA Holdings Inc., et al.