Archives for December 2014

Haeggquist & Eck, LLP, a shareholder, and consumer rights litigation firm has commenced an investigation into Santander Consumer USA Holdings Inc. (NYSE: SC) (“Santander Consumer” or the “Company”) for securities law violations in connection with the Company’s January 23, 2014, Initial Public Offering (“IPO”).

Santander Consumer is the U.S. auto-lending unit of the Spanish bank, Banco Santander SA (NYSE: SAN).  Founded in 1995, Santander Consumer has serviced a finance portfolio of more than $35 billion, has more than two million customers and is headquartered in Dallas, Texas.  Santander Consumer originates car loans through car dealerships, manufacturers, banks, and its direct-to-consumer website.  More than 80% of its loans are subprime loans, which have both higher yields and increased default rates.

Zeldes Haeggquist & Eck, LLP is investigating whether Santander Consumer failed to disclose material information to investors in connection with its January 23, 2014, IPO.

On August 7, 2014, Santander Consumer said in a quarterly filing with the U.S. Securities and Exchange Commission that it received a subpoena from the U.S. Department of Justice under the Financial Institutions Reform, Recovery, and Enforcement Act requesting the production of “documents and communications that, among other things, relate to the underwriting and securitization of nonprime auto loans since 2007.” Upon these revelations, the price of Santander Consumer shares dropped significantly.

To schedule your free initial consultation, contact us online or call (619) 342-8000 today!

Haeggquist & Eck, LLP, a shareholder, and consumer rights litigation firm, has commenced an investigation on behalf of investors who purchased Molycorp Inc. (NYSE: MCP) Senior Convertible 6.00% Notes due 9/1/2017 (the “Notes”).  Specifically, Zeldes Haeggquist & Eck, LLP is investigating whether Molycorp and its top executives and officers made false and misleading statements in the prospectus and registration statement that the Company provided when issuing the Notes to the public on August 17, 2012.

On August 17, 2012, Molycorp sold approximately $360 million worth of Notes to the investing public via a public offering (the “Offering”). Zeldes Haeggquist & Eck, LLP is investigating whether, at the time of the Offering, Molycorp executives failed to disclose that Molycorp’s reported inventory was materially understated and that Molycorp’s lacked adequate internal and financial controls.

On August 8, 2013, Molycorp reported its second-quarter 2013 results. Among other things, Molycorp reported that is quarterly Total Revenue declined from $146.37 million in the first quarter 2013 to $136.86 million in the second quarter 2013 and that its Net Loss increased from $47.22 million in the first quarter 2013 to $71.17 million in the second quarter 2013. The Molycorp Notes are now trading at approximately $59, down from the offering price of $100.

What You Can Do

If you purchased Molycorp Notes and have suffered a loss, you may have legal claims against Molycorp’s Officers and Directors.  If you wish to discuss this investigation or have questions about this notice or your legal rights, please contact the attorneys at Haeggquist & Eck, LLP. There is no cost to you.

To schedule your free initial consultation, contact us online or call (619) 342-8000 today!