September 6, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
September 5, 2012 - The court held a final settlement hearing.

April 18, 2012 - The court preliminarily approved the settlement.

March 30, 2012 - Parties filed a stipulation of settlement.

September 24, 2010 - The court denied the defendants' motion to dismiss.

December 11, 2009 - The defendants filed a motion to dismiss.

September 3, 2009 - The lead plaintiff filed a second amended complaint.

April 1, 2009 - The motion filed February 3, 2009 was granted and a new lead plaintiff and lead counsel were appointed.

February 3, 2009 - A plaintiff filed a lead plaintiff motion for relief from order appointing lead plaintiff and counsel.

January 9, 2009 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased SLM Corporaton (Sallie Mae) (NASDAQ: SLM) common shares between January 18, 2007 and January 23, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 18, 2007 and January 23, 2008. (originally received by the court December 8, 2008 and modified January 9, 2009)

July 23, 2008 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

March 31, 2008 - Lead plaintiff motions were filed.

January 31, 2008 - An investor in shares of SLM Corporaton (Sallie Mae) (NASDAQ: SLM) filed a lawsuit in the U.S. District Court for the Southern District of New York against SLM Corporaton (Sallie Mae) over alleged violations of Federal Securities Laws.

The plaintiff alleges that between January 18, 2007 and January 3, 2008, defendants issued materially false and misleading statements regarding SLM Corporaton (Sallie Mae)’s business and financial results and, despite evidence that SLM Corporaton (Sallie Mae)’s loan loss provisions for its sub-prime borrowers attending non-traditional schools were inadequate both prior to and at the start of the Class Period, defendants failed to adequately reserve for losses in Sallie Mae’s non-traditional portfolio. As a result of defendants’ false statements, Sallie Mae’s stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of $57.98 per share in July 2007.

On January 3, 2008, SLM Corporaton (Sallie Mae) disclosed in an SEC filing that it would be cutting back on its core business of lending to students by being “more selective” in making students loans due to turmoil in the credit markets and a new federal law that slashed subsidies to the private companies that make government-backed student loans. On this news, SLM Corporaton (Sallie Mae)’s stock dropped $2.49 per share to close at $16.67 per share, a one-day decline of 15%.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public between January 18, 2007 and January 3, 2008, were as follows: (a) SLM Corporaton (Sallie Mae) failed to engage in proper due diligence in originating student loans to sub-prime borrowers, particularly those attending non-traditional institutions; (b) SLM Corporaton (Sallie Mae) was not adequately reserving for uncollectible loans in its non-traditional portfolio in violation of generally accepted accounting principles, causing its financial results to be materially misstated; (c) SLM Corporaton (Sallie Mae) had far greater exposure to anticipated losses and defaults related to its non-traditional loan portfolio than it had previously disclosed; and (d) given the deterioration and the increased volatility in the sub-prime market and reductions in federal subsidies, SLM Corporaton (Sallie Mae) would be forced to tighten its lending standards on both its federal loans and private education loans which would have a direct material negative impact on its loan originations going forward.