Updated: Harwood Feffer LLP Announces Investigation of Navient Corporation
NEW YORK, Feb. 9, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Navient Corporation ("Navient" or the "Company") (NASDAQ: NAVI), concerning whether the board has breached its fiduciary duties to shareholders.
On July 13, 2015, the Company disclosed that it was lowering its core earnings guidance by more than 15% due to poor performance of its Private Educational Loan portfolio. As a result, the Company stated it would be forced to increase its loan loss provision for those loans to $191 million for the second quarter of 2015 and to up to $600 million for the full year 2015.
On August 24, 2015, the Company disclosed that a subsidiary was given notice that the U.S. Consumer Financial Protection Bureau Office of Enforcement is considering legal action against the Company.
On February 6, 2016, former Secretary of State and current presidential candidate Hillary Clinton singled out Navient for "outrageous" behavior, "misleading people," and "doing some really terrible things."
Navient stock is down from $18.36 at close on July 13, 2015 and is currently trading below $9 per share.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Navient shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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SOURCE Harwood Feffer LLP