Pomerantz Law Firm Charges Corinthian Colleges, Inc. With Securities Fraud -- COCO
27 Septembre 2010 - 10:55PM
Pomerantz Haudek Grossman & Gross LLP has filed a class action
lawsuit in the United States District Court, Central District of
California against Corinthian Colleges, Inc. ("Corinthian" or the
"Company") (Nasdaq:COCO) and certain of its top officials. The
class action (Case No:10-CV-6523) was filed on behalf of purchasers
of Corinthian securities during the period of October 30, 2007
through and including August 19, 2010 (the "Class Period"). The
Complaint alleges violations of Sections 10(b) and 20(a) of the
Securities Exchange Act and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased the Corinthian securities
during the Class Period, you have until November 1, 2010 to ask the
Court to appoint you as lead plaintiff for the class. A copy of the
complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Nicola Brown at info@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free. Those who inquire by e-mail are
encouraged to include their mailing address and telephone
number.
The complaint alleges that during the Class Period, defendants
made false and/or misleading statements and/or failed to disclose:
(1) the Company overstated its growth prospects by engaging in
illicit and improper recruiting activities, which also had the
effect of artificially inflated the Company's reported results and
future growth prospects; (2) the Company's financial results were
overstated in that the Company's colleges inflated tuition costs
and its student loan repayment rates were well below levels
required for participation in federal loan programs; (3) the
Company failed to maintain adequate systems of internal operational
or financial controls; and (4) based on the foregoing, defendants
lacked a basis for their positive statements about the Company, its
prospects and growth.
Corinthian Colleges, Inc. is a post-secondary education company
in the United States and Canada. On August 3, 2010, the U.S.
General Accounting Office issued a report that concluded that
for-profit educational institutions such as Corinthian had engaged
in an illegal and fraudulent course of action designed to recruit
students and overcharge the federal government for the cost of such
education. Thereafter, a Congressional Committee launched an
investigation of such practices; the U.S. Department of Education
released data showing that the loan repayment rates for Corinthian
enrollees were well below the level required for federal loan
program eligibility; and the Company disclosed that its enrollee
default rates had significantly increased, and were continuing to
do so.
As a result of these revelations, the Company's stock fell from
$9.25 on August 3, 2010 to $4.49 on August 20, 2010.
The Pomerantz Firm, with offices in New York, Chicago,
Washington, D.C., Columbus, Ohio and Burlingame, California, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT: Pomerantz Haudek Grossman & Gross LLP
Nicola Brown
(888) 476.6529
(888) 4.POMLAW
info@pomlaw.com
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