|Company name||Synchrony Financial|
|Class period||October 21, 2016 – November 1, 2018|
|Lead plaintiff deadline||January 2, 2019|
|Court||District of Connecticut|
NEW YORK, November 6, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of Connecticut on behalf of all persons or entities who purchased or otherwise acquired Synchrony Financial (NYSE: SYF) securities between October 21, 2016 and November 1, 2018 (the “Class Period”). Investors have until January 2, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint filed in this class action alleges that throughout the Class Period Synchrony falsely represented that its consistent and disciplined underwriting practices had led to a higher quality loan portfolio than those of its competitors. In truth, Synchrony relaxed its underwriting standards and increasingly offered private-label credit cards to riskier borrowers to sustain growth. The truth about Synchrony’s credit standards began to be revealed on April 28, 2017, when the company announced disappointing first quarter 2017 earnings driven by poor loan performance.
If you purchased Synchrony securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.