The filed complaint alleges that SLM Corporation made materially false and/or misleading statements and/or failed to disclose that: (i) SLM was experiencing a significant increase in early stage delinquencies; (ii) 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 private education loan delinquency rates; and (iii) as a result, defendants’ public statements made a materially false and misleading impression regarding SLM’s business, operations, and prospects at all relevant times.