LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz continues its investigation of Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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.
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If you purchased Discover securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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