According to the lawsuit, defendants made false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that:
- Discover Financial maintained deficient risk management and compliance procedures;
- as a result of the foregoing deficiencies, Discover Financial had, among other things, failed to comply with applicable student loan servicing standards, misclassified certain credit card accounts, overcharged customers, and failed to stem its ballooning credit card delinquency rate;
- the foregoing issues, when they became known, would subject Discover Financial to significant financial exposure, regulatory scrutiny, and reputational harm; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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