NEW YORK--(BUSINESS WIRE)-- Pomerantz LLP announces that a class action lawsuit has been filed against Navient Corporation (“Navient” or the “Company”) (NASDAQ:NAVI) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of investors who purchased or otherwise acquired Navient securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Navient securities between February 25, 2016, and October 4, 2017, both dates inclusive, you have until December 15, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Navient provides asset management and business processing services to education, healthcare, and government clients at the federal, state, and local levels in the United States.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Navient 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, allowing interest to accumulate, 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.
On October 5, 2017, Pennsylvania Attorney General Josh Shapiro announced the filing of a lawsuit in United States District Court for the Middle District of Pennsylvania against Navient and one of its subsidiaries for engaging in unfair and deceptive lending and failed to offer proper prepayment plans to students (the “PA AG Lawsuit”). Specifically, the PA AG Lawsuit alleged, among other things, that “Defendants unfairly and deceptively engaged in a series of acts and practices to facilitate originating . . . subprime loans to many borrowers who had a high risk of defaulting” and “since at least 2011, despite publicly assuring borrowers that [Navient] will help them identify and enroll in an appropriate, affordable repayment plan, Defendants have routinely disregarded that commitment and instead steered borrowers experiencing long-term financial hardship into forbearance.”
On this news, Navient’s share price fell $2.10, or over 14% from its previous closing price, to close at $12.60 on October 5, 2017, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
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Robert S. Willoughby
Source: Pomerantz LLP