NEW YORK, Nov. 12, 2015 /PRNewswire/ -- Levi & Korsinsky announces it has commenced an investigation of Navient Corporation (NASDAQ: NAVI) concerning possible violations of federal securities laws.
On July 13, 2015, the Company announced a substantial cut to its prior financial guidance for the remainder of its 2015 annual performance. Navient cited, in large part, the poor performance of its Private Educational Loan portfolio, emphasizing that borrowers who returned to school during the recession had not been repaying their loans on a timely basis. As a result, Navient disclosed that it would be forced to increase its Private Education Loan portfolio loan loss provision to $191 million for the second quarter of 2015 and to between $575 million and $600 million for 2015, diminishing earnings.
Then on August 24, 2015, the Company reported that on August 19, 2015, wholly-owned subsidiary Navient Solutions, Inc. received a Notice and Opportunity to Respond and Advise letter, providing notice that the Consumer Finance Protection Bureau's Office of Enforcement is considering recommending the commencement of legal action against Navient Solutions, Inc. To obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP