World News: 15:00 GMT Thursday 6th December 2018. [Bronstein, Gewirtz & Grossman, LLC via Globe Newswire via SPi World News]
NEW YORK, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Synchrony Financial (“Synchrony” or the “Company”) (NYSE: SYF) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Synchrony securities between October 21, 2016 and November 1, 2018, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/syf.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and specifically, assured investors that they were focused on a higher asset quality base and disciplined underwriting.
On April 28, 2017, Synchrony announced disappointing first quarter 2017 earnings driven by poor loan performance and disclosed that the Company would be setting aside over $1.3 billion in reserves to cover probable loan losses, a 21% increase in reserves over the prior quarter. Following this news, Synchrony’s stock price fell $5.25 per share, or 15.89%, to close at $27.80 per share on April 28, 2017. On July 12, 2018, it was reported that Walmart Inc. (“Walmart”) was considering ending its relationship with Synchrony. On this news, Synchrony’s stock price fell $1.84 per share, or 5.29%, to close at $32.96 per share on July 12, 2018. Two weeks later, on July 26, 2018, multiple news outlets confirmed that Walmart had opted to replace Synchrony with one of the Company’s competitors. Following this announcement, Synchrony’s stock price fell $3.44 per share, or 10.29%, to close at $30.00 per share on July 26, 2018. Then, on November 1, 2018, Walmart sued Synchrony, alleging that Synchrony had deliberately underwritten the Walmart/Synchrony credit card program in a way that exposes the program to significant unique credit risk. Walmart’s lawsuit seeks damages “in an amount . . . estimated to be no less than $800 million.” Following this news, Synchrony’s stock price fell $3.01 per share, or 10.22%, to close at $26.43 per share on November 2, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: bgandg.com/syf or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Synchrony you have until January 2, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 |
Globe Newswire: 15:00 GMT Thursday 6th December 2018
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