The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Synchrony Financial ("Synchrony") (NYSE: SYF) who purchased shares between October 21, 2016 and November 1, 2018. The action, which was filed in the USDC for the District of Connecticut, alleges that the Company violated federal securities laws.
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. This news caused Synchrony's shares to decline by $5.25 per share, or nearly 16%.
Shareholders have until January 2, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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