NEW YORK, July 20, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against K12, Inc. (“K12” or the “Company”) (NYSE:LRN) in the United States District Court for the Northern District of California on behalf of purchasers of common stock of K12 between November 7, 2013, and October 27, 2015, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose: (i) that Company 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; (ii) that the Company submitted inflated student attendance numbers to the California Department of Education in order to collect additional funding; (iii) that, as a result of the aforementioned practices, the Company was open to potential civil and criminal liability; (iv) that the Company 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 (v) that, as a result of the foregoing, Defendants’ statements about K12’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you wish to serve as lead plaintiff, you must move the Court no later than September 19, 2016. 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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