NEW YORK, Jan. 20, 2017 /PRNewswire-USNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in OneMain Holdings, Inc. ("OneMain" or the "Company") (NYSE: OMF) of the March 20, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company, certain officers and the Company's majority shareholder to seek the role of lead plaintiff.
The lawsuit has been filed in the U.S. District Court for the Southern District of Indiana on behalf of all those who purchased OneMain common stock between March 3, 2015 and November 7, 2016 (the "Class Period"). The case, Paddock v. OneMain Holdings, Inc., et al, No. 17-cv-00007 was filed on January 17, 2017, and has been assigned to Judge Richard L. Young.
The lawsuit focuses on whether the defendants violated federal securities laws by making false and/or misleading statements and/or failing to disclose material information concerning: (1) the net income projected to be achieved due in large part to the acquisition of OneMain Financial Holdings, LLC ("OneMain Financial") by Springleaf Holdings, Inc. ("Springleaf"), which resulted in the creation of the Company; and (2) the integration of and synergies between OneMain Financial and Springleaf.
Specifically, after the market closed on November 7, 2016, the Company announced its third quarter results and held a conference call. During the conference call, defendant Jay N. Levine disclosed that the Company was decreasing guidance for full-year 2016 and 2017 with respect to the growth in its loan portfolios and its preferred measure of earnings.
On this news, OneMain's share price fell from $27.57 per share on November 7, 2016 to a closing price of $16.90 on November 8, 2016 —a $10.67 or a 38.7% drop.
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If you invested in OneMain stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/OMF. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding OneMain's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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