INVESTIGATION ALERT: Scott+Scott Attorneys at Law LLP Announces Securities Investigation into Discover Financial Services (DFS)

By: Scott+Scott Attorneys at Law LLP via Business Wire

July 26, 2022 at 14:47 PM EDT

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Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating whether Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS) and certain of its executive officers violated federal securities laws by issuing false and misleading statements and/or omitting material information necessary to make statements made not misleading. If you purchased or otherwise acquired Discover securities and have since suffered a loss, realized or unrealized, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312, or via email at jzimmerman@scott-scott.com, for more information.

In 2015, the U.S. Consumer Financial Protection Bureau (“CFPB”) issued a consent order against Discover based on the CFPB’s finding that Discover engaged in illegal debt collection practices and that Discover misstated the minimum amounts due on billing statements as well as tax information consumers needed to get federal income tax benefits. In 2020, the CFPB issued a consent order against Discover based on its findings that Discover violated the prior CFPB order, the Electronic Fund Transfer Act, and the Consumer Financial Protection Act of 2010.

On July 20, 2022, Discover revealed that it was “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.”

On this news, the price of Discover stock fell by $8.49 per share, or 7.8%, to close at $100.00 per share on July 21, 2022.

What You Can Do

If you purchased or otherwise own Discover securities, and you wish to discuss this investigation, please contact attorney Jonathan Zimmerman at (888) 398-9312 or at jzimmerman@scott-scott.com.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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