Newman
Newman Ferrara LLP ( www.nfllp.com ) announced yesterday that a securities class action was filed on behalf of investors in K12, Inc. ("K12" or the "Company") (NYSE: LRN) in the U.S. District Court for the Eastern District of Virginia.
Investors who purchased shares of the Company's common stock between September 9, 2009 and December 16, 2011 (the "Class Period"), and lost more than $100,000, are encouraged to contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or jnorton@nfllp.com to discuss this action, the lead plaintiff process, or any questions concerning this notice. If you wish to serve as lead plaintiff, you must apply to be appointed by April 2, 2012. 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. Lead plaintiffs are selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
According to the Complaint, K12, an educational service software company, failed to disclose that: (1) it engaged in fraudulent recruiting and sales strategies designed to attract students irrespective of their potential to properly complete the curriculum; (2) that its infrastructure purposely pressured its employees to pass students despite insufficient demonstration that the students had met the criteria for completion of the material; (3) that its results with math and reading performance did not meet minimum statewide standards for those subjects; and (4) its assertions made to investors regarding its overall financial and academic success were false and misleading.
Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in
CONTACT:
Newman
Jeffrey M. Norton
1250 Broadway, 27th Fl.
jnorton@nfllp.com
tel. 212.619.5400
http://www.nfllp.com