Law Firms Seek Lead Plaintiff in SLM Securities Suit Over Rising Delinquencies

Overview

• Zappia v. SLM Corporation, No. 25-cv-18834 (D.N.J.), alleges securities law violations tied to SLM’s private education loan performance disclosures.
• The complaint claims SLM understated a surge in early-stage delinquencies and overstated the effectiveness of loss-mitigation and loan modification programs.
• Plaintiffs cite a TD Cowen report on August 14, 2025 showing July delinquencies up 49 basis points month over month, said to contradict comments by CFO Peter M. Graham.
• The filing asserts SLM’s stock fell about 8% after the TD Cowen report became public, allegedly harming investors.
• Robbins Geller, the Schall Law Firm, and DJS Law Group are inviting investors to seek lead-plaintiff status, and the class has not been certified so investors are not yet represented.