NEW YORK, Feb. 12, 2016 /PRNewswire/ -- Robbins Geller
Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/navient/) today announced that a
class action has been commenced in the United States District Court
for the District of Delaware on
behalf of purchasers of Navient Corporation ("Navient" or the
"Company") (NASDAQ:NAVI) publicly traded securities during the
period between April 17, 2014 and
December 28, 2015 (the "Class
Period").
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from February
11, 2016. If you wish to discuss this action or have
any questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, Samuel H. Rudman or David A.
Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via
e-mail at djr@rgrdlaw.com. If you are a member of this class,
you can view a copy of the complaint as filed or join this class
action online at http://www.rgrdlaw.com/cases/navient/. 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 charges Navient and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
Navient is the nation's largest loan servicer, servicing more than
$300 billion in student loans.
Navient holds the largest portfolio of education loans insured or
guaranteed under the Federal Family Education Loan Program, as well
as the largest portfolio of Private Education Loans.
The complaint alleges that during the Class Period, defendants
materially misstated the Company's business metrics and financial
prospects by failing to disclose that: (a) an increased number of
higher risk Private Education Loan borrowers were not timely
repaying their loans; (b) Navient's loan loss reserves were
materially understated; (c) the Company was engaged in unsound
business practices; (d) the Company's operating structure was
bloated; (e) a significant portion of the Company's low-rate credit
facilities were at risk of being reduced or eliminated, which would
cause the Company to face higher borrowing costs; and (f) based on
the foregoing, defendants lacked a reasonable basis for their
positive statements about the Company's prospects and growth,
including its ability to report core earnings of $2.10 per share
and $2.20 per share in 2014 and 2015, respectively. As the
truth about the Company's business and prospects was revealed
through a series of partial disclosures, the price of Navient's
publicly traded securities declined precipitously, erasing hundreds
of millions of dollars in market capitalization.
Plaintiff seeks to recover damages on behalf of all purchasers
of Navient publicly traded securities during the Class Period (the
"Class"). The plaintiff is represented by Robbins Geller,
which has extensive experience in prosecuting investor class
actions including actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S.
and international institutional investors in contingency-based
securities and corporate litigation. The firm has obtained
many of the largest securities class action recoveries in history
and was ranked first in both the amount and number of shareholder
class action recoveries in ISS's SCAS Top 50 report for
2014. Please visit http://www.rgrdlaw.com/cases/navient/ for
more information.
https://www.linkedin.com/company/rgrdlaw
https://twitter.com/rgrdlaw
https://www.facebook.com/rgrdlaw
https://plus.google.com/+Rgrdlaw/posts
Logo - http://photos.prnewswire.com/prnh/20150415/198876LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/robbins-geller-rudman--dowd-llp-files-class-action-suit-against-navient-corporation-300219782.html
SOURCE Robbins Geller Rudman & Dowd LLP