| COMPANY |
Discover Financial Services |
| COURT |
United States District Court for the Northern District of Illinois |
| CASE NUMBER |
23-cv-06788 |
| JUDGE |
The Hon. Charles Petros Kocoras |
| CLASS PERIOD |
February 21, 2019 and August 14, 2023 |
| SECURITY TYPE |
Common Stock |
Case Background:
Kessler Topaz Meltzer & Check, LLP has filed a class action lawsuit on behalf of those who purchased or acquired Discover Financial Services ("DFS") (NYSE: DFS) common stock between February 21, 2019 and August 14, 2023, both dates inclusive (the "Class Period").
The complaint alleges that, throughout the Class Period, Defendants made materially 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: (1) DFS maintained deficient risk management and compliance procedures; (2) as a result of the foregoing deficiencies, the company had 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; (3) the foregoing issues, when they became known, would subject DFS to significant financial exposure, regulatory scrutiny, and reputational harm; and (4) as a result, the company’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On February 9, 2024, Plaintiffs filed an Amended Complaint. Defendants filed a Motion to Dismiss the Amended Complaint on March 27, 2024. On May 2, 2024, Plaintiffs filed a Response to Defendants’ Motion to Dismiss the Amended Complaint. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.