NEW YORK, Feb. 5, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia on behalf of all persons who purchased securities of K12, Inc. ("K12" or the "Company") (NYSE:LRN) between March 11, 2013 and October 9, 2013, inclusive (the "Class Period").
The Complaint alleges that during the class period Defendants issued materially false and misleading statements and/or failed to disclose material information regarding the Company's student enrollment and revenue growth prospects for fiscal year 2014. On October 8, 2013, the Company disclosed information contrary to its prior positive statements regarding the fiscal outlook for 2014. In particular, K12 disclosed that the Company's growth prospects were, in fact, limited and impeded by: (1) the Company's failure to timely invest in promotional efforts to enroll new students; and (2) failure to consider and adhere to legal compliance requirements affecting student enrollment.
If you wish to serve as lead plaintiff, you must move the Court no later than April 1, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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