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The Student Loan Corporation (NYSE: STU) Investor Securities Class Action Lawsuit 02/03/2012

  • If you purchased shares of The Student Loan Corporation (NYSE: STU), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Student Loan Corporation (The)
Security
NYSE: STU

Case Name
Student Loan Corporation (the) Shareholder Class Action Lawsuit 02/03/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 27, 2013 - The court issued a judgment that the case is dismissed.
June 25, 2013 - The court granted the defendants' motion to dismiss.

September 7, 2012 - The defendants filed a motion to dismiss.

June 22, 2012 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased The Student Loan Corporation common shares between October 15, 2009 and September 23, 2010. The plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 15, 2009 and September 23, 2010.

April 11, 2012 - The lead plaintiffs and lead counsel were appointed.

April 3, 2012 - A lead plaintiff motion was filed.

February 3, 2012 - An investor in The Student Loan Corporation (NYSE: STU) shares filed a lawsuit in the U.S. District Court for the Southern District of New York against The Student Loan Corporation over alleged Violations of Federal Securities Laws in connection with certain statements.

According to the complaint the plaintiff alleges on behalf of all persons and entities who purchased or otherwise acquired securities issued by The Student Loan Corporation (NYSE: STU) between January 15, 2008 and September 23, 2010, that The Student Loan Corporation and certain of its executive officers, and certain entities affiliated with Citigroup Inc violated the Securities Exchange Act of 1934.

Specifically the plaintiff alleges that between January 15, 2008 and September 23, 2010, The Student Loan Corporation and certain controlling individuals and entities of The Student Loan Corporation allegedly made fraudulent material misrepresentations and omissions regarding The Student Loan Corporation’s business and operations.

On September 23, 2010, The Student Loan Corporation released a statement describing the transactions pursuant to which The Student Loan Corporation would be acquired by Discover.

The plaintiff alleges that in connection with this release, The Student Loan Corporation admitted that it had to take an impairment charge of almost $1 billion because certain loan assets had been carried on The Student Loan Corporation’s books at inflated values.

The Student Loan Corporation (NYSE: STU) shares traded in February 2010 as high as over $44 per share, but fell in March to under $40 per share and reached in April slightly above $37 per share. In May STU stocks fell under $30 per share and traded in mid-September 2010 at roughly $21 per share.

Only after the takeover announcement NYSE: STU jumped to almost $30 per share.