Hagens Berman Reminds Navient Corporation (NASDAQ: NAVI) Investors that 5 Days Remain Until Lead Plaintiff Deadline in Securi...
April 07 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, reminds Navient Corporation (NASDAQ:NAVI) investors of the
April 11, 2016 lead plaintiff deadline in the securities class
action lawsuit related to the Consumer Financial Protection
Bureau’s investigation and possible enforcement action against the
Company related to the Company’s improper student loan servicing.
If you suffered significant losses because of your
purchases of Navient between April 17, 2014 and February 5, 2016,
or have information that will help our continuing investigation
contact Hagens Berman Partner Reed Kathrein, who is leading the
firm’s investigation by calling 510-725-3000,
emailing NAVI@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/NAVI. The lawsuit was filed in
the U.S. District Court for the District of Delaware and investors
have until April 11, 2016 to move the court to participate as a
lead plaintiff. Navient is the nation's largest loan servicer,
servicing more than $300 billion in student loans. Navient holds
the largest portfolio of education loans insured or guaranteed
under the Federal Family Education Loan Program, as well as the
largest portfolio of Private Education Loans.
On August 24, 2015, Navient reported that on August
19, 2015, the Company’s wholly-owned subsidiary Navient Solutions,
Inc. (NSI) received a Notice and Opportunity to Respond and Advise
letter notifying it that the CFPB’s Office of Enforcement was
considering whether to recommend CFPB take legal action against NSI
for its improper assessment of late fees on student loans and other
related misconduct, and that the CFPB could seek restitution, civil
monetary penalties, and corrective action against NSI. On
this news, Navient’s shares fell $1.01, or nearly 7.73% to close at
$12.05 on August 25, 2015.
On February 6, 2016, Hillary Clinton directed
public attention to the CFPB’s investigation during a speech,
stating that Navient’s “behavior is outrageous,” it has been
“misleading people,” and it has been “doing some really terrible
things.” On this news, Navient stock fell $0.57, or 5.99%, to
close at $8.94 on the following trading day, February 8, 2016.
The complaint alleges defendants made false and
misleading statements and failed to disclose that: (a) Navient’s
loan servicing practices did not comply with federal regulations;
(b) Navient’s non-compliance could subject it to restitution, civil
penalties, and corrective actions; and (c) as a result, Navient’s
public statements were materially false and misleading at all
relevant times.
Whistleblowers: Persons with
non-public information regarding Navient should consider their
options to help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email NAVI@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered
in Seattle, Washington with offices in 10 cities. The Firm
represents investors, whistleblowers, workers and consumers in
complex litigation. More about the Firm and its successes can be
found at www.hbsslaw.com. Read the Firm’s Securities Newsletter,
and visit the blog. For the latest news visit our newsroom or
follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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