The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency (the "Notice"). Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action
On September 2, 2020, the Court determined that this lawsuit may proceed as a class action pursuant to Rule 23 of the Federal Rules of Civil Procedure. The purpose of the Notice is to inform you how the lawsuit may affect your rights and what steps you may take. The Notice is not an expression by the Court of any opinion as to the merits of any of the claims or defenses asserted by either side in the lawsuit.
This is a securities class action filed in the United States District Court for the District of Delaware (the "Court"). The operative complaint in the Action names as defendants Navient Corporation ("Navient"), certain officers and/or directors of Navient, and the underwriters on three debt offerings made by Navient in November 2014 and March 2015. The Court appointed the Lord Abbett Funds as Lead Plaintiffs in this lawsuit. You may review a copy of the operative Complaint in the Action on the 'Important Documents' page of this website.
Lead Plaintiffs allege that Defendants made numerous false or misleading statements about the business operations and financial results of Navient, one of the country’s largest servicers of student loans, which caused the prices of Navient securities to be artificially inflated and caused damages to investors when they ultimately learned the truth about Defendants’ prior misrepresentations.
Defendants deny Lead Plaintiffs’ allegations in full and deny any wrongdoing or liability for the claims alleged. Among other things, Defendants deny that they made any false or misleading statements violating the federal securities laws, that they knew or believed that their statements were inaccurate, that the prices of Navient’s securities were artificially inflated during the relevant time periods, that the declines in the prices of Navient’s securities during the relevant time periods were caused by the disclosure of any wrongdoing or liability on the part of Defendants, or that any Class Member sustained damages recoverable under the federal securities laws.
The Class is defined as:
For claims brought pursuant to the Exchange Act (the “Exchange Act Class”): all persons and entities who purchased or otherwise acquired Navient Corporation’s (“Navient”) common stock or Navient call options, or sold Navient put options, from April 17, 2014 through September 29, 2015, inclusive—and who were damaged thereby.
For claims brought pursuant to the Securities Act (the “Securities Act Class”): All persons and entities who purchased or otherwise acquired Navient’s 5.000% Senior Notes due 2020 (CUSIP 63938CAA6), 5.875% Senior Notes due 2024 (CUSIP 63938CAB4), and 5.875% Senior Notes due 2021 (CUSIP 63938CAC2) from November 6, 2014 through December 28, 2015, inclusive—and who were damaged thereby.
Certain persons and entities are excluded from the Classes by definition as set forth in the Notice (see paragraph 3 of the Notice).
|YOUR LEGAL RIGHTS IN THIS LAWSUIT:
||If you fall within the definition of one or both Classes set forth above, you are a Class Member. IF YOU WISH TO REMAIN A CLASS MEMBER, YOU DO NOT NEED TO DO ANYTHING AT THIS TIME.
|EXCLUDE YOURSELF FROM THE EXCHANGE ACT CLASS, THE SECURITIES ACT CLASS, OR BOTH CLASSES BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN JULY 9, 2021
||If you exclude yourself from the Class(es), (1) you will NOT be entitled to share in any recovery from any settlement or judgment that may be paid to members of Class(es) from which you request exclusion as a result of a trial or other resolution of this lawsuit; (2) you will NOT be bound by any judgment or release entered in this lawsuit with respect to the Class(es) from which you request exclusion; and (3) at your own expense, you MAY pursue any claims that you have by filing your own lawsuit or taking other action.
|ENTER A NOTICE OF APPEARANCE NO LATER THAN JULY 9, 2021
||If you are Class Member and you do not request exclusion from the Classes, you may enter an appearance in the action through your own counsel at your own expense by filing a Notice of Appearance with the Court in accordance with instructions in the Notice.
How do I obtain more information?
Detailed information about the Action is contained in the Notice available for download on the 'Notice' page on this website. Additional information can also be obtained by contacting the Notice Administrator by calling toll-free 1-833-358-1847 or emailing Info@NavientSecuritiesLitigation.com or mailing a letter to:
Navient Securities Litigation
c/o JND Legal Administration
P.O. Box 91402
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.