NEW YORK, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Discover Financial Services (NYSE: DFS), TuSimple Holdings, Inc. (NASDAQ: TSP), Mercury Systems, Inc. (NASDAQ: MRCY), and U.S. Bancorp (NYSE: USB). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Discover Financial Services (NYSE: DFS)
Discover is a digital banking and payment services company offering customers credit card loans, private student loans, personal loans, home loans, and deposit products.
In 2015, the U.S. Consumer Financial Protection Bureau (“CFPB”) issued a consent order against Discover based on the CFPB’s finding that Discover engaged in illegal debt collection practices and that Discover misstated the minimum amounts due on billing statements as well as tax information consumers needed to get federal income tax benefits. In 2020, the CFPB issued a consent order against Discover based on its findings that Discover violated the prior CFPB order, the Electronic Fund Transfer Act, and the Consumer Financial Protection Act of 2010.
On July 20, 2022, Discover revealed that it was “suspending until further notice its existing share repurchase program because of an internal investigation relating to its student loan servicing practices and related compliance matters.” Discover further disclosed that “[t]he investigation is ongoing and is being conducted by a board-appointed independent special committee.”
On this news, the price of Discover stock fell by $8.49 per share, or 7.8%%, to close at $100.00
per share on July 21, 2022.
For more information on the Discover investigation go to: https://bespc.com/cases/DFS
TuSimple Holdings, Inc. (NASDAQ: TSP)
TuSimple is the subject of a Wall Street Journal article published on August 1, 2022. The article alleges that one of the Company’s autonomously driven trucks left its lane of travel without warning before striking a cement barricade. The article states that the accident “underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market.” Although the Company attempted to blame human error, the Journal points out that “it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading.” The article also reveals that the Federal Motor Carrier Safety Administration has launched a “safety compliance investigation.”
Based on this news, shares of TuSimple fell $0.97, or 9.7%, during intraday trading to close at $8.99 per share on August 1, 2022.
For more information on the TuSimple investigation go to: https://bespc.com/cases/TSP
Mercury Systems, Inc. (NASDAQ: MRCY)
The investigation concerns whether Mercury and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 26, 2022, Glasshouse Research (“Glasshouse”) published a short report entitled “Roll-Up Mercury Systems Set to Unravel.” The Glasshouse report claimed, among other things, that Mercury’s organic revenue is “overstated,” that the Company’s recent Physical Optics acquisition has been a “disaster,” and that management has prematurely recognized revenue on certain significant projects.
On this news, Mercury’s stock price fell $4.73, or 7.6%, during intraday trading on July 26, 2022.
For more information on the Mercury investigation go to: https://bespc.com/cases/MRCY
U.S. Bancorp (NYSE: USB)
On May 4, 2021, the Company announced an investigation by the CFPB into its sales practices. Upon this news, shares of U.S. Bancorp dropped precipitously.
On July 29, 2022, U.S. Bancorp was fined by CFPB for illegally accessing its customers' credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers' permission.
On this news, U.S. Bancorp stock fell $0.92 per share, or 2%, to close at $47.2 per share on July 29, 2022.
For more information on the U.S. Bancorp investigation go to: https://bespc.com/cases/USB
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
