NEW YORK, March 15, 2017 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, reminds investors that March 20, 2017 is the last day to file lead plaintiff papers in the securities lawsuit against OneMain Holdings, Inc. (NYSE:OMF) related to potential violations of federal securities laws. The class action is on behalf of a class consisting of all persons who purchased OneMain common stock between March 3, 2015 and November 7, 2016, inclusive (the “Class Period”). OneMain investors are encouraged to contact Scott+Scott for additional information.
OneMain is a consumer finance company that provides consumer finance and insurance products and services as well as personal loans secured by consumer household goods, and other personal property, unsecured loans, and loans secured by subordinate residential real estate mortgages. In November 2015, OneMain announced that it would be merging with Springleaf Holdings, Inc. (“Springleaf”), after obtaining approval from the Department of Justice. OneMain subsequently touted in press releases and in filings with the U.S. Securities and Exchange Commission (“SEC”) the projected net income to be achieved by the Company following, and in large part due to, the combination of OneMain Financial with Springleaf, and the purported synergies achieved by the combined company.
On November 7, 2016, the Company drastically lowered its guidance for its consumer insurance adjusted EPS and its receivables growth for 2016 and 2017. Specifically, the Company: (i) lowered its guidance for its consumer insurance adjusted EPS for 2016 from $4.20 to $4.70 per share to a range of $3.60 to $3.70 per share; (ii) lowered its guidance for its consumer insurance adjusted EPS for 2017 from $5.60 to $6.10 per share to a range of $3.75 to $4.00 per share; (iii) lowered its guidance for receivables growth in 2016 from 10-15% to 5%; and (iv) lowered its guidance for receivables growth in 2017 from 10-15% to 5-10%.
On this news, shares of OneMain common stock plummeted approximately 38%, from $27.57 on November 7, 2016, to $16.90 on November 8, 2016.
What You Can Do
If you purchased or acquired OneMain shares between March 3, 2015 and November 7, 2016 and you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (800) 404-7770 or at rswartz@scott-scott.com.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.