NEW YORK, March 4, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Navient Corporation ("Navient" or the "Company") (NASDAQ: NAVI). The class action has been filed in the United States District Court, District of Delaware on behalf of a class consisting of all persons or entities who purchased Navient securities during the period between May 9, 2014 and February 5, 2016 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Navient offers several financial products and services in the United States. Navient operates in four portions: Federal Family Education Loan Program ("FFELP") Loans, Private Education Loans, Business Services, and Other. The Company provides FFELP loans and servicing for FFELP loan portfolios; and servicing and asset recovery services for loans on behalf of guarantors of FFELP loans, guaranty agencies, higher education institutions, the United States Department of Education, and other federal clients, as well as states, courts, and municipalities. Navient also acquires, finances, and services private education loans.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Navient's loan servicing practices were not in agreement with applicable federal regulations; (ii) Navient's non-compliance with federal regulations could subject Navient and its subsidiaries to restitution, civil monetary penalties, and corrective actions; and (iii) as a result of the foregoing, Navient's public statements were materially false and misleading at all relevant times.
On August 1, 2014, post-market, Navient released that the Consumer Finance Protection Bureau (CFPB) was investigating the student loan servicer's handling of loans, disclosures, and assessments of late fees. Following this news, Navient stock fell $0.17, or 1%, to close at just $17.17 per share on August 4, 2014.
On August 24, 2015, post-market, Navient conveyed that on August 19, 2015, the wholly-owned subsidiary Navient Solutions, Inc. (NSI) was sent a Notice and Opportunity to Respond and Advise letter providing notice that the CFPB's Office of Enforcement is considering recommending that CFPB take legal action against NSI in connection with the previously disclosed investigation. The CFPB may seek reimbursement, civil monetary penalties, and corrective action against NSI. Following this news, the company's stock fell $1.01, or roughly 7.73% to close at just $12.05 per share on August 25, 2015.
On February 6, 2016, U.S. presidential candidate Hillary Clinton stated that Navient's "behavior is outrageous" and that the company has been "misleading people" and "doing some really terrible things." Following this news, Navient stock has fallen as much as $0.73, or 7.7%, to $8.78 per share during intraday trading on February 8, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!navi/uyh0d. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Navient you have until April 11, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
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