San Diego, CA -- (SBWIRE) -- 02/23/2012 -- The Shareholders Foundation announces that an investor in the Student Loan Corp. (NYSE:STU) shares filed a lawsuit in the U.S. District Court for the Southern District of New York against The Student Loan Corporation over alleged Violations of Federal Securities Laws in connection with certain statements.
If you are an investor in The Student Loan Corp. (NYSE:STU) stock, including those who purchased NYSE:STU shares from January 15, 2008 through September 23, 2010, you have certain options and there are short and strict deadlines running. Deadline: April 3, 2012. NYSE:STU stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons and entities who purchased or otherwise acquired securities issued by The Student Loan Corporation (NYSE: STU) between January 15, 2008 and September 23, 2010, that the Student Loan Corp. and certain of its executive officers, and certain entities affiliated with Citigroup, Inc. violated the Securities Exchange Act of 1934.
On September 23, 2010, the Student Loan Corporation released a statement describing the transactions pursuant to which the Student Loan Corporation would be acquired by Discover.
The plaintiff alleges that in connection with this release, the Student Loan Corporation admitted that it had to take an impairment charge of almost $1 billion because certain loan assets had been carried on the Student Loan Corp.’s books at inflated values.
The Student Loan Corp. (NYSE:STU) shares traded in February 2010 as high as over $44 per share, but fell in March to under $40 per share and reached in April slightly above $37 per share. In May STU stocks fell under $30 per share and traded in mid-September 2010 at roughly $21 per share.
Only after the takeover announcement NYSE:STU jumped to almost $30 per share.
Those who are investors in The Student Loan Corp. (NYSE:STU) stock, including those who purchased NYSE:STU shares from January 15, 2008 through September 23, 2010, have certain options and there are short and strict deadlines running. Deadline: April 3, 2012. NYSE:STU stockholders should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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