A lawsuit was filed on behalf of investors in Synchrony Financial (NYSE: SYF) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/14/2018 -- An investor, who purchased shares of Synchrony Financial (NYSE: SYF), filed a lawsuit over alleged violations of Federal Securities Laws by Synchrony Financial.
Investors who purchased shares of Synchrony Financial (NYSE: SYF) have certain options and for certain investors are short and strict deadlines running. Deadline: January 2, 2019. NYSE: SYF investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On July 26, 2018, multiple news outlets reported that Walmart had chosen a competitor to replace Synchrony. Together, these two disclosures caused Synchrony's shares to decline nearly 14%. Then, on November 1, 2018, Walmart sued Synchrony accusing the Company of improper underwriting in connection with the Walmart/Synchrony credit card program.
The plaintiff claims that between October 21, 2016 and November 1, 2018, the Synchrony Financial 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 Financial 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.
The plaintiff alleges that following this disclosure, Synchrony Financial represented that it had tightened credit standards, but falsely characterized those underwriting changes as modest, while in fact, Synchrony Financial had made significant modifications to its underwriting policies, but concealed that these modifications were damaging its relationships with its retail partners, including Walmart.
Those who purchased shares of Synchrony Financial (NYSE: SYF) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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