SLM Corporation

On August 14, 2025, investment bank TD Cowen issued a report stating that delinquencies on SLM’s private education loans in July 2025 were overall “higher (worse) than the seasonal . . . performance for July, driven by [an increase] in early stage delinquencies.”

TD Cowen’s findings directly contradicted the statements of the Company’s Chief Financial Officer, Peter Graham, made less than a month earlier, which asserted that SLM was observing delinquency rates that were merely “following the normal seasonal trends[.]”

On this news, SLM’s stock price fell $2.67, or 8.1%, to close at $30.32 per share on August 15, 2025, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) SLM was experiencing a significant increase in early stage delinquencies; (2) accordingly, Defendants overstated the effectiveness of SLM's loss mitigation and/or loan modification programs, as well as the overall stability of the Company's PEL delinquency rates; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.