SLM Securities Class Action Enters Lead-Plaintiff Phase Ahead of Feb. 17 Deadline

Overview

• A putative class action, Zappia v. SLM Corporation a/k/a Sallie Mae, No. 25-cv-18834 (D.N.J.), targets investors who bought SLM securities from July 25, 2025 through August 14, 2025.
• The complaint alleges SLM concealed a significant rise in early-stage delinquencies and overstated the effectiveness of its loss-mitigation and loan-modification programs, rendering public statements misleading.
• A TD Cowen report on August 14, 2025 flagged July delinquencies up 49 basis points month over month, driven by a 45 bp increase in early-stage delinquencies, which the suit says contradicted late-July assurances by CFO Peter M. Graham.
• Following the report, SLM shares fell about 8% to close at $30.32 on August 15, 2025, a move cited by plaintiffs as evidence of loss causation.
• Investor notices from multiple firms, including Robbins Geller, Rosen Law, Schall, Levi & Korsinsky, DJS, The Gross Law Firm, Robbins LLP, and Faruqi & Faruqi, highlight a February 17, 2026 deadline to seek lead-plaintiff status, note that no class is certified, and state investors need not serve as lead plaintiff to share in any potential recovery.