NEW YORK, April 6, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Navient Corporation ("Navient" or the "Company") (NASDAQ: NAVI) of the April 11, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
Lawsuits have been filed in the U.S. District Court for the District of Delaware on behalf of all those who purchased or otherwise acquired Navient securities between April 17, 2014 and February 5, 2016 (the "Class Period"). An initial complaint, Menold v. Navient Corporation, et al., No. 1:16-cv-00075 ("Menold Complaint") was filed on February 11, 2016 and has been assigned to Judge Gregory M. Sleet.
The Menold Complaint focuses on whether the Company and its executives violated federal securities laws by failing to disclose that it was providing loan servicing practices which were not in compliance with applicable federal regulations and that this non-compliance may subject Navient to claims for restitution, civil monetary penalties, and corrective actions from federal authorities.
Specifically, the Menold Complaint alleges that on August 1, 2014, Navient disclosed that the Consumer Finance Protection Bureau ("CFPB") was investigating the student loan servicer's handling of disclosures and assessment of late fees.
Then, on August 24, 2015, the Company announced that on August 19, 2015, Navient Solutions, Inc. ("NSI"), a wholly-owned subsidiary of Navient, received a letter from the CFPB notifying NSI that it is considering taking legal action against the subsidiary related to the previously disclosed CFPB investigation, and might seek restitution, civil monetary penalties, and corrective action against NSI.
After the announcement, Navient's share price fell from $13.06 on August 24, 2015 to a closing price of $12.04 on August 25, 2015—a $1.02 or a 7.8% drop.
The Menold Complaint also alleges that on Saturday, February 6, 2016, U.S. presidential candidate Hillary Clinton directed public attention to the subject of the CFPB's investigation of Navient during a speech at New England College in Henniker, New Hampshire.
On this news, Navient's share price fell from $9.51 on February 5, 2016 to a closing price of $8.94 on the following trading day, February 8, 2016—a $0.57 or a 5.99% drop.
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If you invested in Navient stock or options between April 17, 2014 and February 5, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/NAVI. 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 Navient's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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