Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Discover Financial Services (DFS)
The law firm of Kirby McInerney LLP is investigating potential claims against Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS). The investigation concerns whether Discover and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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, the price of Discover shares declined by $19.40 per share, or approximately 15.92%, from $121.85 per share to close at $102.45 on July 20, 2023.
If you purchased or otherwise acquired Discover securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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