LOS ANGELES, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Discover investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Discover-Financial-Services/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On July 19, 2023, Discover disclosed that it incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier since mid-2007. The Company further disclosed that, as of June 30, 2023, the Company’s consolidated financial statements reflect a liability of $365 million to provide refunds to merchants and merchant acquirers in connection with the misclassification. Discover also disclosed that its Audit Committee directed an external law firm to investigate the issue.

On this news, Discover’s stock price fell $19.40, or 15.9%, to close at $102.45 per share on July 20, 2023, thereby injuring investors.

Then, on August 14, 2023, Discover announced that its CEO had resigned. On...

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