LOS ANGELES -- (Business Wire)
Glancy
Prongay & Murray LLP (“GPM”) announces the filing of a class
action lawsuit on behalf of investors who purchased Navient Corporation
(“Navient” or the “Company”) (NASDAQ: NAVI) securities between May 9,
2014 and February 5, 2016, inclusive (the “Class Period”). Injured
investors are encouraged to contact Lesley Portnoy of GPM at
310-201-9150 to discuss their legal rights.
The complaint alleges that throughout the Class Period, Navient made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Navient
made false and/or misleading statements and/or failed to disclose that:
(1) the Company’s loan servicing practices were not in compliance with
applicable federal regulations; (2) the Company’s non-compliance with
federal regulations could subject Navient and its subsidiaries to
restitution, civil monetary penalties, and corrective actions; and (3)
as a result of the foregoing, Navient’s public statements were
materially false and misleading at all relevant times.
On July 13, the Company announced a substantial cut to its prior
financial guidance for the remainder of its 2015 annual performance; and
also reduced its forecast for net interest income as a result of
increased cost of funds. On this news, the price of Navient’s shares
plummeted over 10 percent in intra-day trading on July 14, on very heavy
volume. Then on July 22, the Company released disappointing second
quarter 2015 financial results, causing the Company’s share price to
further decline and thereby damaging investors.
On February 6, 2016, Hillary Clinton directed public attention to the
subject of the Consumer Financial Protection Bureau’s investigation of
Navient during a speech, and noted that Navient’s “behavior is
outrageous” and that the Company has been “misleading people” and “doing
some really terrible things.”
On this news, Navient stock fell $0.57 per share, or nearly 6%, to close
at $8.94 on the following trading day, February 8, 2016.
Navient investors have until April 11, 2016 to move the Court to
appoint you as lead plaintiff if you meet certain legal requirements. If
you have information or would like to learn more about these claims, or
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Lesley Portnoy,
of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160211006574/en/
Contacts:
Glancy Prongay & Murray, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Prongay & Murray LLP
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