INVESTOR ALERT: Investigation of Navient Corporation Announced by Glancy Prongay & Murray LLP
July 14 2015 - 11:31AM
Business Wire
Glancy Prongay & Murray LLP announces that it is
investigating 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.
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’ shares plummeted over 10% in intra-day
trading on July 14, 2015 on very heavy volume.
If you purchased shares of Navient prior to July 13, 2015, 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 Glancy Prongay & Murray LLP, 1925 Century Park East,
Suite 2100, Los Angeles, California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
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.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150714006274/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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