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 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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