NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Navient Corporation (“Navient” or the “Company”) (NASDAQ: NAVI) of the December 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Navient stock or options between February 25, 2016 and October 4, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/NAVI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Navient securities between February 25, 2016 and October 4, 2017 (the “Class Period”). The case, Eli Pope v. Navient Corporation, et al. No. 1:17-cv-08373 was filed on October 16, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) the Company engaged in deceptive practices to facilitate the origination of subprime loans; (2) Navient committed unfair and deceptive acts by steering student borrowers into payment plans that postponed bills, rather than helping them enroll in income-driven repayment plans; and (3) as a result, Navient’s public statements were materially false and misleading at all relevant times.
Specifically, on October 5, 2017, Pennsylvania Attorney General Josh Shapiro announced the filing of a lawsuit in the United States District Court for the Middle District of Pennsylvania against Navient for engaging in unfair and deceptive lending and failure to offer proper prepayment plans to students.
After the announcement, Navient’s share price fell from $14.70 per share on October 4, 2017 to a closing price of $12.60 on October 5, 2017—a $2.10 or a 14.29% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Navient’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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