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 - EconoTimes)
NEW YORK, Oct. 19, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Navient Corporation (“Navient” or the “Company”) (Nasdaq:NAVI) in the United States District Court for the District of New Jersey on behalf of a class consisting of investors who purchased or otherwise acquired Navient securities on the open market from February 25, 2016 through October 4, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company engaged in deceptive practices to facilitate the origination of subprime loans; (2) the Company committed unfair and deceptive acts by steering student borrowers into payment plans that postponed bills, allowing interest to accumulate, rather than helping them enroll in income-driven repayment plans; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On October 5, 2017, the Pennsylvania Attorney General announced a lawsuit against Navient for unfair and deceptive lending practices associated with the origination of subprime loans to high risk borrowers as well as guiding borrowers to payment postponement plans (thereby allowing loan interest to accumulate), rather than promoting income-based repayment plans. On this news, the price of Navient’s shares fell $2.10 per share, or over 14%, from its previous closing price to close at $12.60 per share.
If you wish to serve as lead plaintiff, you must move the Court no later than December 15, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
