SAN FRANCISCO, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP notifies investors in Synchrony Financial (NYSE: SYF) of the January 2, 2019 Lead Plaintiff deadline in the securities class action pending in the United States District Court for the District of Connecticut. If you purchased or otherwise acquired Synchrony Financial securities between October 21, 2016 and November 1, 2018 (the “class period”) and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/SYF
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
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.
Whistleblowers: Persons with non-public information regarding Synchrony Financial should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SYF@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000