Abraham, Fruchter & Twersky, LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Puerto Rico on behalf of all persons or entities who purchased the common stock of Doral Financial Corporation (“Doral” or the “Company”)(NYSE: DRL) between April 2, 2012 and May 1, 2014, inclusive (the “Class Period”).
If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jeffrey S. Abraham or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP toll free at (800) 440-8986, or via e-mail at email@example.com or firstname.lastname@example.org.
On May 1, 2014, after the market closed, Doral disclosed in a press release that it had been “advised by the Federal Deposit Insurance Corporation (the “FDIC”) that it may no longer include in its calculation of its Tier 1 some or all of the tax receivables from the Government of Puerto Rico.” As a result, Doral would “no longer be in compliance with its capital requirements under its Consent Order with the FDIC.” The FDIC ordered Doral to revise its capital plan which, according to the Company, could force it to sell their assets. On this news, the price of Doral's shares dropped from a previous day close of $9.82 to close at $3.73 per share, a decline of over 60%, on abnormally high volume.
If you purchased the common stock of Doral between April 2, 2012 through May 1, 2014 and would like to serve as lead plaintiff in this action, you must move the Court no later than July 14, 2014. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.