BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces it has expanded its investigation into 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. The expanded investigation includes claims that the Company’s recent second quarter 2015 financial disclosures, released on July 22, 2015, reveal further alleged securities fraud.
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’s shares plummeted over 10% in intra-day trading on July 14, 2015 on very heavy volume. Then on July 22, 2015, the Company released disappointing second quarter 2015 financial results, causing the Company’s share price to further decline and thereby damaging investors.
If you purchased Navient securities and have suffered a loss, or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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