Bragar Eagel & Squire, P.C. Is Investigating the Officers and Directors of Navient Corporation on Behalf of Stockholders
November 10 2015 - 4:30PM
Business Wire
Bragar Eagel & Squire, P.C. is investigating potential
claims on behalf of Navient Corporation (NASDAQ: NAVI)
investors concerning whether the company’s officers and board of
directors violated the federal securities laws or breached their
fiduciary duties.
Navient provides financial products and services including
federal family education loan program (FFELP) loans and servicing
for FFELP loan portfolio.
On July 13, 2015, after the close of trading, Navient issued a
press release reducing its earnings guidance to $0.40 per share for
the second quarter of 2015 and to $1.85 per share for 2015, a more
than 15% cut. Navient cited, in large part, the poor performance of
its Private Educational Loan portfolio, emphasizing that borrowers
who returned to school during the recession had not been repaying
their loans on a timely basis. As a result, Navient disclosed that
it would be forced to increase its Private Education Loan portfolio
loan loss provision to $191 million for the second quarter of 2015
and to between $575 million and $600 million for 2015, diminishing
earnings. In response to this news, the price of Navient stock
plummeted, falling nearly $2 per share, or 11%, from its close on
July 13, 2015, on unusually heavy trading volume.
Then, on August 24, 2015, the company reported that on August
19, 2015, wholly-owned subsidiary Navient Solutions, Inc. (“NSI”)
received a Notice and Opportunity to Respond and Advise letter
providing notice that the Consumer Finance Protection Bureau’s
(“CFPB”) Office of Enforcement is considering recommending that
CFPB take legal action against NSI. On this news, the company’s
shares fell $1.01, or nearly 7.73%, to close at $12.05 on August
25, 2015.
If you purchased Navient securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters please contact J. Brandon Walker, Esq. by
email at investigations@bespc.com, or telephone at (212) 355-4648,
or by filling out this contact form. There is no cost or obligation
to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm
concentrating in commercial and securities litigation. For
additional information, please go to www.bespc.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151110007020/en/
Bragar Eagel & Squire, P.C.J. Brandon Walker, Esq.,
212-355-4648investigations@bespc.com
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