Safirstein Metcalf LLP Reminds Investors of Important Deadline in Class Action Against Navient Corporation – NAVI

NEW YORK, Oct. 24, 2017 -- Safirstein Metcalf LLP reminds investors that a class action lawsuit has been filed against Navient Corporation ("Navient" or "the Company") (NASDAQ:NAVI) and certain of its officers on behalf of shareholders who purchased Navient securities between February 25, 2016 and October 4, 2017 (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

If you purchased or acquired Navient securities during the Class Period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email [email protected]

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. 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

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Navient engaged in deceptive practices to facilitate the origination of subprime loans; (2) Navient 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, Navient's public statements were materially false and misleading at all relevant times.

On October 5, 2017, Pennsylvania Attorney General Josh Shapiro announced the filing of a lawsuit in United States District Court for the Middle District of Pennsylvania against Navient and one of its subsidiaries for engaging in unfair and deceptive lending practices and failing to offer proper prepayment plans to students (the “PA AG Lawsuit”).  Specifically, the Pennsylvania Attorney General lawsuit alleged, among other things, that “Defendants unfairly and deceptively engaged in a series of acts and practices to facilitate originating . . . subprime loans to many borrowers who had a high risk of defaulting” and “since at least 2011, despite publicly assuring borrowers that [Navient] will help them identify and enroll in an appropriate, affordable repayment plan, Defendants have routinely disregarded that commitment and instead steered borrowers experiencing long-term financial hardship into forbearance.”

Following news of the lawsuit, Navient’s share price fell $2.10, or over 14%, to close at $12.60 on October 5, 2017.

About Safirstein Metcalf LLP

Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.

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