NEW YORK, June 11, 2014 /PRNewswire-HISPANIC PR WIRE/ — Wolf Popper LLP is investigating potential claims on behalf of investors of Doral Financial Corporation common stock (“Doral”) (NYSE: DRL) during the period between April 2, 2012 and May 1, 2014, concerning possible violations of federal securities laws. Such investors are advised to contact Sandra Vidal-Pellon at 877.370.7703 or email@example.com
Doral is headquartered in San Juan, Puerto Rico, and operates as the bank holding company for Doral Bank, which provides retail banking services to the general public and institutions, primarily in Puerto Rico.
The investigation is related to Doral’s May 1, 2014 disclosure that the Company is developing a revised capital plan to address, among other things, a recent determination by the Federal Deposit Insurance Corporation (“FDIC”) regarding the treatment of tax receivables from the Government of Puerto Rico. Specifically, the Company disclosed that it has been advised by the FDIC that it may no longer include in its calculation of its Tier 1 Capital some or all of the tax receivables from the Government of Puerto Rico, and that the FDIC determination will cause Doral to no longer be in compliance with its regulatory requirements. Puerto Rico tax receivables accounted for $289 million of Doral’s approximately $679 million of Tier 1 Capital as of December 31, 2013.
On this news, shares of Doral fell $6.09 per share, or more than 62%, to close at $3.73 per share on May 2, 2014.
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