NEW YORK, July 4, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Doral Financial Corporation ("Doral" or the "Company") (NYSE: DRL) of the July 14, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Doral and certain executives.
A complaint has been filed in the District of Puerto Rico on behalf of all persons who purchased Doral common stock between April 2, 2012 and May 1, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
The complaint further alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects and failed to disclose adverse facts, including that: (a) the Company had a material weakness in its internal controls over financial reporting and disclosure controls, and that such controls were ineffective; (b) the Company had under-reserved for loan losses; (c) as a result of having under-reserved for loan losses, the Company's assets were overstated, its expenses were understated, its net income was overstated, and Doral Bank did not meet its Tier I regulatory capital requirements as stated throughout the Class Period and as required by bank regulators to operate the bank; and (d) as a result of the foregoing, defendants knew Doral Bank was undercapitalized and the Company was not on track to achieve the financial results they had led the market to expect during the Class Period.
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