Haeggquist & Eck, LLP Investigates Navient Corporation for Potential Breaches of Fiduciary Duty by Its Board of Directors
July 13 2017 - 9:00AM
Business Wire
Haeggquist & Eck, LLP a shareholder rights litigation firm,
has launched an investigation into possible breaches of fiduciary
duty and other violations of state law by certain members of
Navient Corporation’s (NASDAQ: NAVI) board of directors. Navient,
formerly the debt servicing arm of Sallie Mae, holds the largest
portfolio of private and federally guaranteed student loans in the
United States, and also services student loans.
Over the past year and a half, three securities fraud class
action complaints were filed against Navient and its top executives
for engaging in fraudulent accounting practices and engaging in
misconduct when servicing student loans. Specifically, the
investigation concerns whether Navient’s Board of Directors failed
to implement appropriate internal procedures and controls to
prevent the alleged accounting violations that are the subject of
the consolidated securities fraud lawsuit filed against Navient and
certain of its directors and officers in the U.S. District Court
for the District of Delaware.
Haeggquist & Eck is also investigating whether Navient’s
board failed to implement appropriate internal controls to prevent
the alleged student loan servicing violations that are the subject
of the complaints filed against Navient by the Consumer Financial
Protection Bureau and Attorney Generals from Illinois and
Washington. These actions allege that Navient and its top
executives engaged in a massive, company-wide scheme to steer its
student loan borrowers away from affordable repayment plans, and
into more lucrative forbearance arrangements, so that Navient could
continue collecting interest, fees, and expenses on these loans
from the student borrowers.
Navient Shareholders Have Legal Options
Concerned Navient shareholders who would like more information
about potential remedies for the alleged misconduct, including
remedies to the Company from the alleged misconduct of its
executives and/or directors, may contact attorneys Amber Eck or
Kathleen Herkenhoff at 619-342-8000, ambere@haelaw.com or
kathleenh@haelaw.com.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual investors in
shareholder derivative lawsuits, and members of the firm have
helped shareholders recover more than $1 billion of value for
themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20170713005260/en/
Haeggquist & Eck, LLP619-342-8000Amber Eck,
ambere@haelaw.comKathleen Herkenhoff, kathleenh@haelaw.com
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