An investigation on behalf of investors in Navient Corp (NASDAQ:NAVI) shares over potential wrongdoing at Navient Corp was announced and NASDAQ:NAVI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/07/2015 -- An investigation for shareholders in NASDAQ:NAVI shares was announced over potential breaches of fiduciary duties by certain directors at Navient Corp.
Investors who purchased shares of Navient Corp (NASDAQ:NAVI) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Navient officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Navient Corp, formerly known as Sallie Mae, reported that its annual Total Revenue declined from over $5.37 billion in 2013 to $4.73 billion in 2014 and that its respective Net Income declined from over $1.41 billion in 2013 to over $1.14 billion in 2014. Shares of Navient Corp (NASDAQ:NAVI) grew from $15.74 per share in May 2014 to as high as $22.57 per share in late December 2014, respectively $22.37 per share in February 2015.
On June 13, 2015 Navient Corp announced a substantial cut to its prior financial guidance for the remainder of its 2015 annual performance. Navient Corp now expects second-quarter core earnings of $0.40 per share, and full-year 2015 core earnings of $1.85 per share. Regarding its cut in 2015 guidance, Navient Corp stated in relevant part, "the company has removed from 2015 guidance additional private loan acquisitions. Navient Corp also has reduced its forecast for net interest income as a result of increased cost of funds. As a result, for the second half of 2015, the net interest margin is projected to range between 3.83 percent and 3.85 percent for private education loans and between 0.81 percent and 0.85 percent for FFELP loans." Jack Remondi, Navient CEO further stated, "the changes to our guidance reflect marketplace conditions for private loan portfolio purchases and cost of funds, as well as a conservative assessment of default trends for a small and declining segment of our private education loan portfolio."
Those who purchased shares of Navient Corp have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com