The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Synchrony Financial (Synchrony or the Company) (NYSE: SYF) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares between October 21, 2016 and November 1, 2018, inclusive (the ”Class Period”), are encouraged to contact the firm before January 2, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Synchrony falsely assured the public that its strong underwriting practices had resulted in a portfolio of loans that was of higher quality than that of its competitors. The Company had actually relaxed standards and issued credit cards to higher-risk borrowers in an effort to sustain growth. After the Company disclosed poor loan performance on April 28, 2017, Synchrony declared that it had tightened its credit standards, but falsely represented those changes as minor. Synchrony had in fact made significant changes to underwriting standards, and concealed from the public that those changes damaged its relationship with key retail partners, including Walmart. When the market learned the truth about Synchrony, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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