NEW YORK, Feb. 12, 2016 (GLOBE NEWSWIRE) -- 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 Delaware on behalf of a class consisting of all persons or entities who purchased Navient securities between May 9, 2014 through February 5, 2016, inclusive (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 (the “Exchange Act”).
The Complaint alleges that, throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Navient’s loan servicing practices were not in compliance with applicable federal regulations; (2) Navient’s non-compliance with federal regulations could subject Navient and its subsidiaries to restitution, civil monetary penalties, and corrective actions; (3) as a result, Defendants’ statements about Navient’ business, operations, and prospects were false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than April 11, 2016. 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 tjmckenna@gme-law.com or gegleston@gme-law.com.
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