Shareholder rights law firm Robbins Arroyo LLP announces that a securities class action complaint was filed against Navient Corporation (NasdaqGS: NAVI) on behalf of all purchasers of Navient securities between February 25, 2016 and October 4, 2017, for alleged violations of the Securities Exchange Act of 1934 by Navient’s officers and directors. Navient provides financial products and services in the United States.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/navient-corporation-dec-17/
Navient Accused of Engaging in Deceptive Loan Practices
According to the complaint, Navient emphasized the company’s commitment to compliance and customer centricity in its public filings, noting its “customer first” approach. However, the complaint alleges that rather than helping its customers as the company advertised, Navient engaged in deceptive practices to facilitate the origination of subprime loans. In addition, Navient steered student borrowers into payment plans that postponed bills, allowing interest to accumulate, rather than helping them enroll in income-driven repayment plans. On October 5, 2017, Pennsylvania Attorney General Josh Shapiro announced the filing of a lawsuit against Navient alleging that the company engaged in unfair and deceptive lending and failed to offer proper prepayment plans to students. On this news, Navient’s stock fell $2.10 per share, or over 14%, to close at $12.60 per share on October 5, 2017, and has yet to recover from this drop.
Navient Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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