|By Marketwired .||
|January 31, 2014 11:08 AM EST||
NEW YORK, NY -- (Marketwired) -- 01/31/14 -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf of the Oklahoma Firefighters Pension & Retirement System ("Plaintiff") in the U.S. District Court for the Eastern District of Virginia against K12, Inc. ("K12" or the "Company") (NYSE: LRN) and certain of its senior executives. The action is captioned Oklahoma Firefighters Pension & Ret. Sys. v. K12, Inc., et al., 1:14-cv-00108-AJT-JFA (E.D. Va.), and asserts claims under the Securities Exchange Act of 1934 (the "Exchange Act") on behalf of investors in K12 common stock during the period from March 11, 2013 through October 9, 2013, inclusive (the "Class Period"). A copy of the Complaint can be found on the website for counsel for the Plaintiff at www.blbglaw.com.
The Complaint alleges that Defendants violated the federal securities laws by issuing a series of materially misleading statements and omissions about K12 -- one of the largest private education management organizations in the United States -- regarding its student enrollment and revenue growth prospects for fiscal 2014, including compliance with state regulations governing enrollment. During the Class Period, the Company publically endorsed analysts' consensus estimates for full fiscal 2014 financial guidance and emphasized that K12 was "on track to have one of the best business development years" in the Company's history, which was supposed to "drive even higher growth for fiscal 2014" than in fiscal 2013. Further, the Complaint alleges that Defendants falsely touted K12's "serious" attention to regulatory compliance. These and similar misrepresentations and omissions were made on the Company's quarterly earnings calls and at industry conferences.
On October 8, 2013, after the market closed, the Company alerted investors to the fact that, contrary to Defendants' public representations during the Class Period, K12'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. As the Company disclosed at the end of the Class Period, K12's "own promotional program started later than it should have, and drove more applications later in the summer" when it was too late to convert them into student enrollments. In addition, K12's growth prospects were hampered by the Company's failure to consider and adhere to legal compliance requirements affecting student enrollment in fiscal 2014. As the Company further acknowledged, K12 failed to "appropriately" consider increased compliance requirements that were applicable in certain states in the fiscal 2014 enrollment season. On October 8, 2014, K12 filed a Form 8-K with the SEC, which included a press release revealing that K12's actual fiscal 2014 revenue guidance was $905-$925 million -- not the $986.8 million figure endorsed weeks earlier -- because 2014 enrollments were below the levels that investors were told to expect due to critical operational and performance deficiencies at K12's enrollment centers. In response to this disclosure, K12 stock fell significantly, by more than 38%, falling from a closing price of $28.59 on October 8, 2013 to a closing price of $17.60 on October 9, 2013.
The Complaint alleges that Defendants violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder for the false and misleading statements and omissions issued by Defendants during the Class Period. In addition, the Complaint alleges that Defendants Chief Executive Officer Ronald J. Packard, President and Chief Operating Officer Timothy L. Murray, former Chief Financial Officer Harry T. Hawks, and Chief Financial Officer James J. Rhyu violated Section 20(a) of the Exchange Act.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from January 31, 2014. Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is April 1, 2014. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at (212) 554-1493, or via e-mail at [email protected].
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.
Bernstein Litowitz Berger & Grossmann LLP
1285 Avenue of Americas, 38th Floor
New York, New York 10019
Telephone: (212) 554-1493
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Jan. 21, 2017 07:45 AM EST Reads: 2,439
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
Jan. 21, 2017 07:30 AM EST Reads: 1,293
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
Jan. 21, 2017 07:15 AM EST Reads: 929
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
Jan. 21, 2017 06:45 AM EST Reads: 1,946
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
Jan. 21, 2017 06:30 AM EST Reads: 1,654
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, discussed the best practices that will ensure a successful smart city journey.
Jan. 21, 2017 06:00 AM EST Reads: 2,072
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
Jan. 21, 2017 05:30 AM EST Reads: 3,551
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Jan. 21, 2017 05:00 AM EST Reads: 3,015
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jan. 21, 2017 05:00 AM EST Reads: 4,043
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
Jan. 21, 2017 03:45 AM EST Reads: 1,988
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jan. 21, 2017 02:30 AM EST Reads: 6,122
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, discussed how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He also discussed how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors an...
Jan. 21, 2017 02:30 AM EST Reads: 5,042
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jan. 21, 2017 02:15 AM EST Reads: 5,368
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Jan. 21, 2017 02:00 AM EST Reads: 5,825
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Jan. 21, 2017 01:30 AM EST Reads: 6,568