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As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) SLM was experiencing a significant increase in early stage delinquencies; (2) accordingly, Defendants overstated the effectiveness of SLM's loss mitigation and/or loan modification programs, as well as the overall stability of the Company's PEL delinquency rates; and (3) as a result, Defendants' public statements made a materially false and misleading impression regarding SLM's business, operations, and prospects at all relevant times.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding SLM's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the SLM Corporation class action, go to www.faruqilaw.com/SLM or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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SOURCE Faruqi & Faruqi, LLP
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