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Case Status:    ONGOING    
On or around 09/02/2020 (Date of last review)

Filing Date: February 11, 2016

According to the law firm press release, Navient provides financial products and services in the United States. The company operates in four segments: Federal Family Education Loan Program (“FFELP”) Loans, Private Education Loans, Business Services, and Other. The Company provides FFELP loans and servicing for FFELP loan portfolios; and servicing and asset recovery services for loans on behalf of guarantors of FFELP loans, guaranty agencies, higher education institutions, the United States Department of Education, and other federal clients, as well as states, courts, and municipalities. Navient also acquires, finances, and services private education loans.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s loan servicing practices were not in compliance with applicable federal regulations; (ii) the Company’s non-compliance with federal regulations could subject Navient and its subsidiaries to restitution, civil monetary penalties, and corrective actions; and (iii) as a result of the foregoing, Navient’s public statements were materially false and misleading at all relevant times.

On June 30, 2016, this action was consolidated into lead case 1:16-cv-00112. On the same date, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiffs filed a consolidated complaint on September 28.

On September 6, 2017, the Court granted Defendants' Motion to Dismiss with leave to amend. On November 17, Lead Plaintiffs filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on January 16, 2018. On January 29, 2019, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. On April 26, the Court issued an Order substituting Lead Counsel.

Plaintiffs filed a Motion for Class Certification on September 6. On September 2, 2020, the Court issued an Order certifying a Class and appointing Class Representatives and Counsel.


Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States


Ticker Symbol: NAVI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 16-CV-00075
DATE FILED: 02/11/2016
CLASS PERIOD END: 02/05/2016
  1. Andrews & Springer LLC
  2. Bronstein, Gewirtz & Grossman, LLC (New York)
  3. Pomerantz LLP (New York)
No Document Title Filing Date
COURT: D. Delaware
DOCKET #: 16-CV-00112
DATE FILED: 11/17/2017
CLASS PERIOD END: 12/28/2015
  1. Lleff Cabraser Heimann & Bernstein LLP
  2. Morris and Morris LLC
No Document Title Filing Date
—Related District Court Filings Data is not available