Hagens Berman Reminds Navient Corporation (NASDAQ: NAVI) Investors that 5 Days Remain Until Lead Plaintiff Deadline in Securities Class Action

SAN FRANCISCO, April 07, 2016 -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Navient Corporation (NASDAQ:NAVI) investors of the April 11, 2016 lead plaintiff deadline in the securities class action lawsuit related to the Consumer Financial Protection Bureau’s investigation and possible enforcement action against the Company related to the Company’s improper student loan servicing.

If you suffered significant losses because of your purchases of Navient between April 17, 2014 and February 5, 2016, or have information that will help our continuing investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing [email protected] or visiting https://www.hbsslaw.com/cases/NAVI.  The lawsuit was filed in the U.S. District Court for the District of Delaware and investors have until April 11, 2016 to move the court to participate as a lead plaintiff. 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.

On August 24, 2015, Navient reported that on August 19, 2015, the Company’s wholly-owned subsidiary Navient Solutions, Inc. (NSI) received a Notice and Opportunity to Respond and Advise letter notifying it that the CFPB’s Office of Enforcement was considering whether to recommend CFPB take legal action against NSI for its improper assessment of late fees on student loans and other related misconduct, and that the CFPB could seek restitution, civil monetary penalties, and corrective action against NSI.  On this news, Navient’s shares fell $1.01, or nearly 7.73% to close at $12.05 on August 25, 2015.

On February 6, 2016, Hillary Clinton directed public attention to the CFPB’s investigation during a speech, stating that Navient’s “behavior is outrageous,” it has been “misleading people,” and it has been “doing some really terrible things.”  On this news, Navient stock fell $0.57, or 5.99%, to close at $8.94 on the following trading day, February 8, 2016.

The complaint alleges defendants made false and misleading statements and failed to disclose that: (a) Navient’s loan servicing practices did not comply with federal regulations; (b) Navient’s non-compliance could subject it to restitution, civil penalties, and corrective actions; and (c) as a result, Navient’s public statements were materially false and misleading at all relevant times.

Whistleblowers: Persons with non-public information regarding Navient should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].

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Contact:
Reed Kathrein, 510-725-3000