NEW YORK, Nov 18, 2017 (BUSINESS WIRE) —
Pomerantz LLP announces that a class action lawsuit has been filed
against Navient Corporation (“Navient” or the “Company”)
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 firstname.lastname@example.org
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.
here to join this class action]
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
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20171118005001/en/
SOURCE: Pomerantz LLP
Robert S. Willoughby
Copyright Business Wire 2017