WAYNE, Pa., Feb. 17, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the District of Delaware on behalf of all persons or entities that purchased Navient Corporation ("Navient" or the "Company") (NASDAQ: NAVI) publicly traded securities during the period between April 17, 2014 and December 28, 2015 (the "Class Period").
Navient shareholders may, no later than April 11, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Navient and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/navi
The complaint charges Navient and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 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.
The complaint alleges that during the Class Period, defendants materially misstated the Company's business metrics and financial prospects by failing to disclose that: (a) an increased number of higher risk Private Education Loan borrowers were not timely repaying their loans; (b) Navient's loan loss reserves were materially understated; (c) the Company was engaged in unsound business practices; (d) the Company's operating structure was bloated; (e) a significant portion of the Company's low-rate credit facilities were at risk of being reduced or eliminated, which would cause the Company to face higher borrowing costs; and (f) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's prospects and growth, including its ability to report core earnings of $2.10 per share and $2.20 per share in 2014 and 2015, respectively. As the truth about the Company's business and prospects was revealed through a series of partial disclosures, the price of Navient's publicly traded securities declined precipitously, erasing hundreds of millions of dollars in market capitalization.
If you are a member of the class, you may, no later than April 11, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/navi. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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