RADNOR, Pa., Aug. 18, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) is currently investigating potential violations of the federal securities laws on behalf of investors of Discover Financial Services (NYSE: DFS) (“Discover Financial”).



On July 19, 2023, Discover Financial disclosed in a statement that the company had misclassified some of its credit cards. Specifically, Discover Financial revealed that it misclassified certain credit card accounts into its highest pricing tier, starting in 2007, meaning merchants were charged more than they should have been to accept the cards for payment. Discover Financial indicated the company is discussing the matter with regulators and warned it could face future regulatory actions. Discover Financial also disclosed that it received a proposed consent order from the FDIC for a consumer compliance issue which is different than the misclassification matter. Following this news, the company’s stock price declined over 14%, to close at $102.83 on July 20, 2023.

Then, on August 14, 2023, Discover Financial disclosed that Roger Hochschild was stepping down as President and CEO as well as giving up his position as a member of the company’s board of directors. Following this news, Discover Financial’s stock price declined over 9%, to close at $92.96 on August 15, 2023.

If you are a Discover Financial investor and would like to learn more about our investigation, please CLICK HERE to fill out our online form or contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or E-mail at info@ktmc.com. You can also click on the following link or paste it in your browser: https://www.ktmc.com/discover-financial-services-investigation-2023?utm_source=PR&utm_medium=link&utm_campaign=dfs&mktm=r

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

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