Cases
Synchrony Financial (SYF)
Securities Class Action
Overview
Overview
- Date:
- 11/6/2018
- Company Name:
- Synchrony Financial
- Stock Symbol:
- SYF
- Class Period:
- FROM 10/21/2016 TO 11/1/2018
- Status:
- Closed/Complete
- Court:
- U.S. District Court: 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.
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.