STEVENSON, Md., Feb. 7, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of purchasers of K12, Inc. ("K12" or the "Company") (NYSE:LRN) common stock during the period between March 11, 2013 and October 9, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in K12, Inc. common stock purchased on or after March 11, 2013 and held through the revelation of negative information on October 8, 2014, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 1, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that, contrary to the Company's statement that it was on track to have one of its best business development years, the Company's growth prospects were limited and impeded by the Company's failure to timely invest in promotional efforts to enroll new students in fiscal 2014 and that the Company failed to consider and adhere to legal compliance requirements affecting student enrollment in fiscal 2014. According to the complaint, following the Company's revelation on October 8, 2014 that the Company failed to appropriately consider increased compliance requirements that were applicable in certain states in the fiscal 2014 enrollment season and that fiscal 2014 revenue guidance was substantially lower than had been endorsed by the Company only weeks earlier, the value of K12 shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616