Skip to main content

Market Overview

Doral Financial Sinks On Reported FBI Raid

Share:

Doral Financial Corp. (NYSE: DRL) shares plummeted Tuesday on a report of an FBI raid on the headquarters of its troubled banking unit in Puerto Rico.

Documents and computers were removed from the office in a search related to "several ongoing investigations," according to Federal Bureau of Investigations Special Agent Moises Quinones as quoted by Bloomberg.

Quinones reportedly declined further comment.

Doral, off more than 76 percent year-to-date, traded recently at $3.68, down about 9.6 percent.

Doral earlier this month submitted an updated capital plan to the Federal Deposit Insurance Corp. which ordered the bank in September to either raise substantial capital or submit a plan for the sale or liquidation of the bank.

The New York Stock Exchange on December 18 told Doral it will be delisted January 2 unless it holds its 2014 annual shareholders' meeting by December 31.

Doral said it can't hold an annual meeting by December 31 and "is evaluating the circumstances under which it would call an annual meeting in 2015."

Doral is suing the Puerto Rico Department of Treasury in a tax dispute worth about $250 million and has included potential recoveries from the suit in part of its capital plan.

 

Related Articles (DRL)

View Comments and Join the Discussion!

Posted-In: BloombergNews Legal

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com