Rosen Law Firm, a global investor rights law firm, announces the filing of a securities class action lawsuit on behalf of purchasers of the securities of Synchrony Financial (NYSE:SYF) from October 21, 2016 through November 1, 2018, inclusive (the Class Period). The lawsuit seeks to recover damages for Synchrony investors under the federal securities laws.
To join the Synchrony class action, go to https://www.rosenlegal.com/cases-1462.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTORS ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the lawsuit, Defendants made false and/or misleading statements and/or failed to disclose that Synchrony misrepresented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors. In truth, Synchrony had relaxed its underwriting standards and increasingly offered private-label credit cards to riskier borrowers in order to sustain growth, which consequently damaged its relationship with retail partners.
On July 26, 2018, news outlets reported that Walmart had chosen a competitor to replace Synchrony. Then, on November 1, 2018, Walmart sued Synchrony, accusing it of improper underwriting in connection with a Walmart/Synchrony credit card program. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to https://www.rosenlegal.com/cases-1462.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
The Rosen Law Firm, P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
275 Madison Avenue, 34th Floor
York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653