Synchrony Financial (NYSE: SYF) Long Term Investor Alert: Update in Lawsuit

A lawsuit is pending for certain investors in shares of Synchrony Financial (NYSE: SYF) over alleged securities laws violations.

Investors who are current long term investors in Synchrony Financial (NYSE: SYF) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On November 2, 2018, a lawsuit was filed against Synchrony Financial over alleged securities laws violations. The plaintiff alleged that Synchrony Financial 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 Financial 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 plaintiff alleged that following this disclosure, Synchrony Financial represented that it had tightened credit standards, but falsely characterized those underwriting changes as modest, while in fact, Synchrony Financial had made significant modifications to its underwriting policies, but concealed that these modifications were damaging its relationships with its retail partners, including Walmart.

On April 5, 2019, an amended complaint was filed and on June 26, 2019, the defendants filed their motion to dismiss the amended complaint.

On March 31, 2020, the District of Connecticut dismissed the lawsuit.

On February 16, 2021, however, the U.S. Court of Appeals for the Second Circuit reversed (in part) the dismissal and remanded the securities class action to the District of Connecticut, paving the way for the case to proceed forward.

Those who purchased shares of Synchrony Financial (NYSE: SYF) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.