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Stock Market & Financial Investment News

News Breaks
June 10, 2014
12:00 EDTDRLDoral Financial rises 14%
Doral Financial is up 14%, or 57c, to $4.64
News For DRL From The Last 14 Days
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August 22, 2014
11:24 EDTDRLDoral Financial legal counsel issues statement regarding Hacienda negotiations
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August 15, 2014
08:49 EDTDRLDoral Financial discloses receipt of SEC subpoena
Doral Financial disclosed in a regulatory filing that the company received a subpoena, dated August 1, from the Securities and Exchange Commission informing that the SEC is investigating certain matters related to the company’s filings with the SEC. Among other matters, the SEC has requested information relating to the company’s determination regarding the inclusion of certain tax receivables from the Government of Puerto Rico as Tier 1 capital, the company’s allowance for loan and lease losses for the quarter ended September 30, 2013, and Doral Bank’s compliance with its Consent Order with the FDIC and the Office of the Commissioner of Financial Institutions of Puerto Rico dated August 8, 2012. "The scope of the subpoena appears to cover at least one matter related to the company’s lawsuit with the Puerto Rico Department of Treasury and not to the company’s SEC filings. The company is fully cooperating with the SEC’s investigation," Doral stated.
August 12, 2014
19:02 EDTDRLOn The Fly: After Hours Movers
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18:57 EDTDRLDoral Financial files to delay 10-Q
The company has continued working to complete all of the required information for its quarterly report on form 10-Q for the quarter ended March 31. As previously disclosed in the Company’s Notification of Late Filing for the quarter ended March 31, dated May 13, the delays in filing the first quarter form 10-Q are primarily the result of the receipt by the company on May 1, of a joint Report of Examination of Doral Bank issued by the Federal Deposit Insurance Corporation and the Puerto Rico Office of the Commissioner of Financial Institutions for the review period ending March 31, 2013 in which Doral Bank was notified that it may no longer include in its calculation of Tier 1 Capital certain tax receivables from the government of Puerto Rico. The Report of Examination also instructs the company to recognize certain charges related to loans and non-performing assets, and to evaluate certain assumptions in the allowance for loan losses and for modified loans. Until the company has fully assessed the impact of the information set forth in the Report of Examination on its business, has undertaken an analysis to determine whether it will be able to obtain on an ongoing basis an unqualified opinion of its independent auditors, as disclosed in the May 1 form 8-K, has completed the review of certain valuation methodologies and estimates, has completed the company’s evaluation of its deferred tax assets in light of new developments in connection with the lawsuit against the government of Puerto Rico, and has evaluated any adjustments relating to a possible settlement of such lawsuit under a court-supervised negotiation process, the company cannot finalize the preparation of its quarterly financial statements as of and for the three months ended March 31. Until the company has completed this additional work and has filed its first quarter form 10-Q, the company will be unable to complete and file its second quarter form 10-Q. As a result of these developments, the company is unable, without unreasonable effort or expense, to timely file its second quarter form 10-Q within the 5-day extension provided by Rule 12b-25.

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