This lawsuit is for anyone who acquired securities in Synchrony Financial (NYSE: SYF) from October 21, 2016 through November 1, 2018.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors first by telling them that the Company had high credit standards for issuing credit cards, when, in fact, the Company's credit standards were loose. Then, when the Company admitted it's credit standards were too loose and tightened those standards to rectify the situation, the Company continued to mislead investors by telling them that the tightened lending standards were minimal and would not affect the Company's lending business despite knowing that the tightened standards would affect the Company's lending business.
On April 28, 2017, the Company announced it would be taking a $1.3 billion dollar expense to account for loans it did not expect to collect. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Following the disclosure, the Company represented that it had tightened credit standards, but characterized those underwriting changes as modest. However, in July 2018, Walmart announced that it would change from using Synchrony to issue its branded credit cards to using one of Synchrony's competitors. Then, on November 1, 2018, Walmart sued the Company claiming that the Company's changed credit policies hurt Walmart's business. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Synchrony Financial (NYSE: SYF) from October 21, 2016 through November 1, 2018 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.