NAVIENT SHAREHOLDER ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Navient Corporation; ...
October 09 2015 - 8:31PM
Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP is
investigating potential violations of federal and state law by
Navient Corporation (NASDAQ: NAVI) and certain of its officers.
Navient provides financial products and services including federal
family education loan program (FFELP) loans and servicing for FFELP
loan portfolio.
Specifically, Johnson & Weaver’s investigation seeks to
determine whether certain statements regarding Navient’s business
and prospects were false and misleading when made.
On July 13, 2015, after the close of trading, Navient issued a
press release reducing its core earnings guidance to $0.40 per
share for 2Q 2015, which had ended June 30, 2015, and to $1.85 per
share for fiscal 2015, a more than 15% cut, citing, in large part,
the poor performance of its Private Educational Loan portfolio,
emphasizing that borrowers who returned to school during the
recession, deferring loan payments and had resumed payments during
fiscal 2014, had not been repaying their loans on a timely basis.
As a result, Navient disclosed that it would now be forced to
increase its Private Education Loan portfolio loan loss provision
to $191 million for the 2Q 2015 and to between $575 million and
$600 million for fiscal 2015, diminishing Core earnings and
profits. In response to this news, the price of Navient common
stock plummeted, falling nearly $2 per share, approximately 11%,
from its close on July 13, 2015, on unusually heavy trading volume.
Then, on August 24, 2015, post-market, the company reported that on
August 19, 2015 wholly-owned subsidiary Navient Solutions, Inc.
(NSI) received a Notice and Opportunity to Respond and Advise
letter providing notice that the Consumer Finance Protection
Bureau’s (“CFPB”) Office of Enforcement is considering recommending
that CFPB take legal action against NSI. On this news, the
company's shares fell $1.01 or nearly 7.73% to close at $12.05 on
August 25, 2015.
If you have information that could assist in this
investigation, or if you are a Navient shareholder and are
interested in learning more about the investigation or your legal
rights and remedies, please contact Jim Baker
(jimb@johnsonandweaver.com) by email or by phone
at 619-814-4471. If emailing, please include a phone number where
you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20151009005702/en/
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
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