Santander Consumer USA Delays Release Of Q2 Results; Stock Down

(RTTNews) - Santander Consumer USA Holdings Inc. (SC) said that it will delay the release of its the second-quarter of 2016 financial results, previously scheduled for Wednesday, July 27, 2016, because the Company's financial statements for the quarter have not yet been completed.

SC closed Monday's regular trading at $11.14, down $0.71 or 5.99 percent. In the after-hours, the stock further dropped $0.24 or 2.15 percent.

The company noted that it is in discussions with its current and previous independent accountants regarding certain accounting matters, primarily related to the Company's discount accretion and credit loss allowance methodologies. The resolution of these matters may impact prior period financial statements and the timing of the filing of the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2016.