On July 20, 2022, after trading hours, Discover Financial Services issued a press release announcing its financial results for its second quarter of 2022. Among other items, Discover Financial Services disclosed that “[t]he company is suspending until further notice its existing share repurchase program because of an internal investigation relating to its student loan servicing practices and related compliance matters. The investigation is ongoing and is being conducted by a board-appointed independent special committee.”
On this news, Discover Financial Services share prices fell $9.80 per share, or 8.9%, to close at $100.00 per share on July 21, 2022, on unusually heavy trading volume.