Bernstein Litowitz Berger & Grossmann LLP Announces Pendency of Class Action Involving Purchasers of Navient Corporation's Common Stock and Senior Notes

NEW YORK, May 20, 2021 /PRNewswire/ --

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION

This notice is for: 

(1) All persons and entities who purchased or otherwise acquired Navient Corporation's ("Navient") common stock or Navient call options, or sold Navient put options, from April 17, 2014 through September 29, 2015, inclusive—and who were damaged thereby (the "Exchange Act Class"); and

(2) All persons and entities who purchased or otherwise acquired Navient's 5.000% Senior Notes due 2020 (CUSIP 63938CAA6), 5.875% Senior Notes due 2024 (CUSIP 63938CAB4), and 5.875% Senior Notes due 2021 (CUSIP 63938CAC2) (collectively, "Navient Senior Notes") from November 6, 2014 through December 28, 2015, inclusive—and who were damaged thereby (the "Securities Act Class," and together with the Exchange Act Class, the "Classes").

For the avoidance of doubt, the Exchange Act Class includes all persons and entities who received shares as part of Navient's formation through a spin-off from Sallie Mae.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Delaware, that the above-captioned action (the "Action") has been certified to proceed as a class action on behalf of the Classes as defined above.  

In the Action, Lead Plaintiffs allege that Defendants, in violation of the federal securities laws, made numerous false or misleading statements about the business operations and financial results of Navient, one of the country's largest servicers of student loans, which caused the prices of Navient securities to be artificially inflated and caused damages to investors when they ultimately learned the truth about Defendants' prior misrepresentations.  Defendants deny all of Lead Plaintiffs' allegations, and deny any wrongdoing or violation of law.  Please note:  at this time, there is no judgment, settlement, or monetary recovery.  Trial in this Action is currently scheduled for January 24, 2022.

IF YOU ARE A MEMBER OF ONE OR BOTH OF THE CERTIFIED CLASSES (A "CLASS MEMBER"), YOUR RIGHTS WILL BE AFFECTED BY THIS ACTION.  A full printed Notice of Pendency of Class Action (the "Notice") is currently being mailed to persons who have been identified as potential Class Members.  If you have not yet received the full printed Notice, you may obtain a copy of the Notice by downloading it from www.NavientSecuritiesLitigation.com or by contacting the Notice Administrator at:

Navient Securities Litigation
c/o JND Legal Administration
P.O. Box 91402
Seattle, WA 98111
1-833-358-1847

Inquiries, other than requests for the Notice, may be made to the following representatives of Class Counsel:

Jeremy P. Robinson, Esq.
Jesse L. Jensen, Esq.
BERNSTEIN LITOWITZ
BERGER & GROSSMANN LLP
1251 Avenue of the Americas
New York, NY 10020
1-800-380-8496

If you are a Class Member, you have the right to decide whether to remain a member of the Class(es) of which you are a member.  If you want to remain a Class Member, you do not need to do anything at this time other than to retain your documentation reflecting your transactions and holdings in Navient securities.  If you are a Class Member and do not exclude yourself from the Class(es) of which you are a member, you will be bound by the proceedings in this Action, including all past, present, and future orders and judgments of the Court, whether favorable or unfavorable.  If you move, or if the Notice was mailed to an old or incorrect address, please send the Notice Administrator written notification of your new address.

If you ask to be excluded from the Exchange Act Class, you will not be bound by any order or judgment entered in this Action with respect to the Exchange Act Class, however you will not be eligible to receive a share of any money which might be recovered for the benefit of the Exchange Act Class.  Similarly, if you ask to be excluded from the Securities Act Class, you will not be bound by any order or judgment entered in this Action with respect to the Securities Act Class, however you will not be eligible to receive a share of any money which might be recovered for the benefit of the Securities Act Class.  To exclude yourself from the Exchange Act Class, the Securities Act Class, or both Classes, you must submit a written request for exclusion postmarked no later than July 9, 2021, in accordance with the instructions set forth in the full printed Notice. 

Please note:  If you decide to exclude yourself, you may be time-barred from asserting claims covered by the Action by a statute of repose and your claims could be dismissed.

Further information regarding this notice may be obtained by writing to the Notice Administrator at the address provided above.

PLEASE DO NOT CONTACT THE COURT REGARDING THIS NOTICE.

BY ORDER OF THE COURT:

United States District Court
for the District of Delaware

SOURCE JND Legal Administration