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Class Action News

Levi & Korsinsky Announces SYF Lawsuit; SYF Class Action

Levi & Korsinsky, LLP

November 12, 2018

NEW YORK, November 5, 2018 – The following statement is being issued by Levi & Korsinsky, LLP: To: All persons or entities who purchased or otherwise acquired securities of Synchrony Financial (“Synchrony”) (NYSE: SYF) between October 21, 2016 and November 1, 2018. You are hereby notified that a SYF Class Action Lawsuit has been commenced in the United States District Court for the District of Connecticut. To get more information go to: https://www.zlk.com/pslra-1/synchrony-financial-loss-form?wire=3 or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you. For more information on the SYF Lawsuit, please contact us today!

The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: The complaint 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.

If you suffered a loss in Synchrony you have until January 2, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.