Deadline Alert: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Synchrony Financial
BENSALEM, Pa., Dec. 27, 2018 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the January 2, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Synchrony Financial (“Synchrony” or the “Company”) (NYSE: SYF ) securities between October 21, 2016 and November 1, 2018, inclusive (the “Class Period”). Synchrony investors have until January 2, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Synchrony investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
Synchrony is a private label credit card company. On November 1, 2018, Walmart sued Synchrony accusing the Company of improper underwriting in connection with the Walmart/Synchrony credit card program. On this news, Synchrony’s share price fell $3.01, or 10%, to close at $26.43 on November 2, 2018, thereby injuring investors.
The complaint filed in this class action alleges that during the Class Period, Synchrony falsely represented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors. In truth, Synchrony relaxed its underwriting standards and increasingly offered private-label credit cards to riskier borrowers to sustain growth. The truth about Synchrony’s credit standards began to be revealed on April 28, 2017, when the Company announced disappointing first quarter 2017 earnings driven by poor loan performance. Following this disclosure, the Company represented that it had tightened credit standards, but falsely characterized those underwriting changes as modest. In fact, the Company had made significant modifications to its underwriting policies, but concealed that these modifications were damaging its relationships with its retail partners, including Walmart.
If you purchased shares of Synchrony during the Class Period you may move the Court no later than January 2, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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