Law Firm Kirby McInerney LLP Investigating Potential Claims on Behalf of Navient Corporation Stockholders
July 17 2015 - 05:30PM
Business Wire
Kirby McInerney LLP is investigating potential claims against
the Board of Directors of Navient Corporation (“Navient” or the
“Company”) (NASDAQ:NAVI) for possible breaches of fiduciary duty
and other violations of federal securities law.
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 are a Navient stockholder and wish to obtain additional
information, please contact J. Brandon Walker, Esq. by email
at bwalker@kmllp.com, or telephone at (212) 699-1145, or toll free
at (888) 529-4787, or by filling out this contact form. There is no
cost or obligation to you.
Kirby McInerney LLP is a New York-based law firm concentrating
in securities, whistleblower, antitrust and consumer litigation.
For additional information, please go to www.kmllp.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150717005712/en/
Kirby McInerney LLPJ. Brandon Walker, Esq.(212) 699-1145,
or toll free at (888) 529-4787bwalker@kmllp.com
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