NEW YORK, June 24, 2014 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Puerto Rico on behalf of investors who purchased Doral Financial Corp. ("Doral" or the "Company") (NYSE: DRL) common stock between April 2, 2012 and May 1, 2014.
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The complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose that: (a) the Company had a material weakness in its internal controls regarding financial reporting and disclosure, and as a result such controls were ineffective; (b) the Company had under-reserved for loan losses, and as a result the Company's assets and net income were overstated while its expenses were understated, and the Company did not meet its Tier I regulatory capital requirements.
On May 1, 2014, the Company announced that the Federal Deposit Insurance Corporation (the "FDIC") had advised Doral that it could not include some or all of its receivables from the Puerto Rican government in its calculation of Tier 1 capital. These receivables account for approximately $289 million of the bank's approximately $679 million of Tier 1 Capital as of December 31, 2013.If you suffered a loss in Doral you have until July 14, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/doral-financial-drl. Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (866) 367-6510 www.zlk.com SOURCE Levi & Korsinsky, LLP