27/12/2018 00:12:44

Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Synchrony Financial

LOS ANGELES, Dec. 26, 2018 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the January 2, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Synchrony Financial (“Synchrony” or the “Company”) (NYSE: SYF) securities between October 21, 2016 and November 1, 2018, inclusive (the “Class Period”). Synchrony investors have until January 2, 2019 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

Synchrony is a private label credit card company. On November 1, 2018, Walmart sued Synchrony, accusing the Company of improper underwriting in connection with the Walmart/Synchrony credit card program. On this news, Synchrony’s share price fell $3.01, or 10%, to close at $26.43 on November 2, 2018, thereby injuring investors.

The complaint filed in this class action alleges that during 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. Following this disclosure, the Company represented that it had tightened credit standards, but falsely characterized those underwriting changes as modest. In fact, the Company had made significant modifications to its underwriting policies, but concealed that these modifications were damaging its relationships with its retail partners, including Walmart.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Synchrony, you may move the Court no later than January 2, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay and Murray LLP, Los Angeles

Lesley Portnoy, 310-201-9150 or 888-773-9224

www.glancylaw.com 

shareholders@glancylaw.com

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