Update in Lawsuit for Investors in K12 Inc. (NYSE: LRN) Shares Announced by Shareholders Foundation
SAN DIEGO, CA, October 11, 2017 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors who purchased NYSE: LRN shares against K12 Inc. over alleged Securities Laws Violations.
Investors, who purchased shares of K12 Inc. (NYSE: LRN) in October 2013 or earlier and currently hold any of their NYSE: LRN shares, should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On October 27, 2015, post-market, K12 disclosed receipt on September 24, 2015 of a civil investigative subpoena from the Attorney General of California in connection with an industry-wide investigation into for-profit virtual schools
On July 21, 2016, a lawsuit was filed against K12 Inc. over alleged securities laws violations. The plaintiff claims that the defendants issued false and misleading statements to investors and/or failed to disclose that K12 Inc. was publishing misleading advertisements about students' academic progress, parent satisfaction, their graduates' eligibility for University of California and California State University admission, class sizes, the individualized and flexible nature of K12's instruction, hidden costs, and the quality of the materials provided to students, that K12 Inc. submitted inflated student attendance numbers to the California Department of Education in order to collect additional funding, that K12 Inc. was open to potential civil and criminal liability due to these practices, that K12 Inc. would likely be forced to end these practices, which would have a negative impact on K12's operations and prospects, and/or that K12 was, in fact, ending the practices, and that as a result, K12's public statements were materially false and misleading at all relevant times. IN December 2016 an amended complaint was filed and in January 2017 the defendants filed their motion to dismiss the case.
Those who purchased K12 Inc. (NYSE: LRN) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
Source: Shareholders Foundation, Inc.
