|By Business Wire||
|March 13, 2014 09:03 AM EDT|
Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the April 1, 2014 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of those who purchased or otherwise acquired the common stock of K12, Inc. (“K12” or the “Company”) (NYSE:LRN) between March 11, 2013 and October 9, 2013, inclusive (the “Class Period”).
If you purchased the securities of K12 during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 1, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
K12 investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
K12, based in Herndon, Virginia, is a technology-based education company engaged in the operation and expansion of virtual schools for students in kindergarten through twelfth grade.
The action alleges that defendants issued materially misleading statements and omitted material information about the Company regarding its student enrollment and revenue growth prospects for fiscal 2014, as well as its compliance with state regulations governing enrollment. During the Class Period, K12 publicly endorsed analysts’ fiscal 2014 financial guidance for the Company and assured investors that K12 was “on track to have one of the best business development years” in its history, which was supposed to “drive even higher growth for fiscal 2014” than in fiscal 2013. Defendants also allegedly falsely touted K12’s “serious” attention to regulatory compliance.
On October 8, 2013, K12 announced that its actual fiscal 2014 revenue guidance was $905 million to $925 million, far less than the $986.8 million figure they had endorsed only weeks earlier, because 2014 enrollments were less than investors had been told to expect, due to operational and performance deficiencies at K12’s enrollment centers. Additionally, defendants stated that the Company had failed to “appropriately” consider increased compliance requirements in certain states in the fiscal 2014 enrollment season. On this news, K12’s stock price dropped $10.99, or 38.4%, from a closing price of $28.59 on October 8, 2013, to close at $17.60 on October 9, 2013, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation for eleven years.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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