Synchrony Financial (NYSE: SYF)
Hagens Berman Sobol Shapiro LLP alerts investors in Synchrony Financial (NYSE: SYF) to the January 2, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of Connecticut.
If you purchased or otherwise acquired shares of SYF between between October 21, 2016 and November 1, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SYF@hbsslaw.com.
During the class period, the Company and management repeatedly assured investors that they were focused on a higher asset quality base and disciplined underwriting.
However, after Synchrony’s most important retail partner (Walmart) announced it selected Capital One for its store-brand cards and later sued Synchrony, alleging that Synchrony intentionally underwrote the Walmart/Synchrony credit card program in a way that exposes the program to significant unique credit risk harming Walmart, the price of Synchrony shares fell $3.01, or about 10%, to close at $26.43 on November 2, 2018.
“We’re focused on investors’ losses, Defendants’ apparently undisclosed loosening of underwriting standards, and the extent to which management’s earlier statements about asset quality and underwriting may have been misleading,” said Hagens Berman partner Reed Kathrein.
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