LOS ANGELES, CA / ACCESSWIRE / August 18, 2023 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Discover Financial Services ("Discover" or "the Company") (NYSE:DFS) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Discover issued a press release on July 19, 2023, announcing its financial results for the quarter ending June 30, 2023. Discover disclosed that beginning in 2007, it "incorrectly classified certain credit card accounts into our highest merchant and merchant acquirer pricing tier. [. . .] An investigation into this issue by an external law firm working at the direction of the Audit Committee of the Board of Directors is ongoing. Discover is in discussions with its regulators regarding this matter and corporate governance and risk management. In addition, the Company received a proposed consent order from the FDIC in connection with consumer compliance. This proposed consent order does not include the card product classification matter. Additional supervisory actions could occur." Based on this news, shares of Discover fell by almost 16% on July 20, 2023.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com
SOURCE: The Schall Law Firm