LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP announces that it is investigating potential claims on behalf of investors of Navient Corporation (“Navient” or the “Company”) (NASDAQ:NAVI) concerning the Company’s and its officers’ possible violations of federal securities laws.
On July 13, 2015 the Company announced a substantial cut to its prior financial guidance for the remainder of its 2015 annual performance. The Company now expects second-quarter core earnings of $0.40 per share, and full-year 2015 core earnings of $1.85 per share. Regarding its cut in 2015 guidance, the Company stated in relevant part, “the company has removed from 2015 guidance additional private loan acquisitions. The company also has reduced its forecast for net interest income as a result of increased cost of funds. As a result, for the second half of 2015, the net interest margin is projected to range between 3.83 percent and 3.85 percent for private education loans and between 0.81 percent and 0.85 percent for FFELP loans.” Jack Remondi, Navient CEO further stated, “the changes to our guidance reflect marketplace conditions for private loan portfolio purchases and cost of funds, as well as a conservative assessment of default trends for a small and declining segment of our private education loan portfolio.” On this news, the price of Navient’ shares plummeted over 10% in intra-day trading on July 14, 2015 on very heavy volume.
If you purchased shares of Navient prior to July 13, 2015, 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 Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, 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.
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