LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Discover investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Discover-Financial-Services/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On July 19, 2023, Discover disclosed that it incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier since mid-2007. The Company further disclosed that, as of June 30, 2023, the Company’s consolidated financial statements reflect a liability of $365 million to provide refunds to merchants and merchant acquirers in connection with the misclassification. Discover also disclosed that its Audit Committee directed an external law firm to investigate the issue.
On this news, Discover’s stock price fell $19.40, or 15.9%, to close at $102.45 per share on July 20, 2023, thereby injuring investors.
Then, on August 14, 2023, Discover announced that its CEO had resigned. On this news, Discover’s stock price fell $9.69, or 9.4%, to close at $92.96 per share on August 15, 2023, thereby injuring investors further.
Whistleblower Notice: Persons with non-public information regarding Discover should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.