Discover financial services DFS Detection:

The investigation focuses on Discover’s statements of compliance with applicable laws, regulations and obligations under consent orders entered into with the Consumer Financial Protection Bureau to address deceptive student loan servicing activities.

Specifically, on July 20, 2022, Discover announced that it was conducting an internal investigation into its student loan management practices and related compliance matters. As a result, Discover decided to suspend its existing $4.2 billion stock repurchase program until further notice.

This news sent Discover’s share price down nearly 9% on July 21, 2022, wiping out nearly $1.4 billion in shareholder value.

“We are focused on whether Discover misled investors about the propriety of its student loan management practices,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.

If you have invested in Discover and suffer significant losses or have knowledge that may assist the Company’s investigations, Click here to discuss your legal rights with Hagens Berman.

Whistleblower: Those with nonpublic information about Discover should consider their ability to assist in the investigation or use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards totaling up to 30 percent of each successful recovery by the SEC. For more information, call Reed Kathrein at 844-916-0895 or E-Mail [email protected].

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