NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of investors who purchased K12, Inc. (“K12” or the “Company”) (NYSE: LRN) stock between September 9, 2009 and December 16, 2011 (the “Class Period”).
For more information, click here: http://zlk.9nl.com/lrn-k12.
The Complaint alleges that defendants misrepresented and/or failed to disclose materially adverse facts about the Company’s business, operations and prospects, including that: (a) the Company engaged in improper and deceptive recruiting and sales strategies, aimed at enrolling students regardless of their ability to successfully complete the curriculum; (b) the Company failed to disclose administrative pressure to pass students despite poor or nonexistent academic performance, so as to maintain high enrollment levels and continued government payments; (c) the Company failed to maintain its students’ math and reading performance at statewide grade-level performance; and (d), as a result of the foregoing, defendants’ statements regarding the Company’s empirical academic performance, financial performance, and business and financial prospects were false and misleading and lacked a reasonable basis.
On December 12, 2011, investors learned the truth about K12’s operations after The New York Times published an article describing numerous improper practices at K12's main virtual charter schools. Following the publication of the article, the price of K12 stock plunged from a trading high of $28.79 per share on December 9, 2011 to a low of $18.46 per share on December 16, 2011.
If you suffered a loss in K12 you have until April 2, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/lrn-k12.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.