Law Offices of Howard G. Smith Announces Expanded Investigation of Navient Corporation
November 12 2015 - 4:15PM
Business Wire
Law Offices of Howard G. Smith announces it has expanded its
investigation into 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. The expanded investigation includes claims
that the Company’s recent second quarter 2015 financial
disclosures, released on July 22, 2015, reveal further alleged
securities fraud.
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’s
shares plummeted over 10% in intra-day trading on July 14, 2015 on
very heavy volume. Then on July 22, 2015, the Company released
disappointing second quarter 2015 financial results, causing the
Company’s share price to further decline and thereby damaging
investors.
If you purchased Navient securities and have suffered a loss, or
if you 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
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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/20151112006620/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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