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.
For more information, click here:
http://zlk.9nl.com/doral-financial-drl.
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 jlevi@zlk.com 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) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
www.zlk.com
SOURCE Levi & Korsinsky, LLP