New York, NY (Law Firm Newswire) May 13, 2014 - Zamansky LLC announces that it is investigating Doral Financial Corporation (NYSE: DRL)(“Doral”), and its officers and directors for potential securities fraud. The investigation concerns the truthfulness and accuracy of Doral’s financial statements, in view of recent events.
On May 1, 2014, Doral announced that it was advised by the Federal Deposit Insurance Corporation that the bank could not include some or all of the its receivables from the Puerto Rican government in its calculation of Tier 1 capital. Puerto Rico tax receivables accounted for $289 million of the bank's approximately $679 million of Tier 1 Capital as of December 31, 2013, or approximately 43%. Because of this news, on May 2, 2014, Doral’s stock price fell more than $6 per share, or over 62%.
Securities fraud attorney Jake Zamansky, reports that his law firm is closely examining whether Doral shareholders were misled and if they purchased its stock at artificially inflated prices over the last two years. Had Doral’s financial statements reflected its true financial condition, and reported on the lack of internal controls, its stock may not have traded at the levels it did, Zamansky states. Any Doral shareholder who purchased their shares in the last two years should have their situation reviewed, he states.
What Investors Can Do
If you are an investor who purchased Doral stock from September 11, 2012, through May 9, 2014, you may be eligible to file a legal proceeding to seek recovery of any losses you have suffered. If wish to have your circumstances or investment reviewed or discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading securities class action and investor arbitration law firm since 1998. We specialize representing both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
Zamansky LLC has filed numerous FINRA arbitrations for Puerto Rican investors with losses in Puerto Rican bonds and closed-end funds. The arbitrations are against UBS Financial Services of Puerto Rico, Santander Securities LLC, Oriental Financial Services Corp., Merrill Lynch and Popular Securities. Zamansky LLC is working with a local Puerto Rican law firm.
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