Notice of Deadline for Plaintiff Submissions for Corinthian Colleges, Inc. COCO Stock Owners/Investors Who Have Losses in Excess
01 Octobre 2010 - 6:17PM
Marketwired
Gilman and Pastor, LLP announces Notice of Deadline in the
securities fraud class action lawsuit which was commenced in the
United States District Court for the Central District of California
against Corinthian Colleges, Inc. ("Corinthian") and certain of
Corinthian's officers (collectively "Defendants") on behalf of a
class consisting of all purchasers of Corinthian common stock
(NASDAQ: COCO) during the period between April 1, 2007 and August
19, 2010, inclusive (the "Class Period").
The Complaint alleges that Corinthian violated federal
securities fraud laws by issuing a series of materially false and
misleading statements related to Corinthian's business operations
in violation of the Securities Exchange Act of 1934. The defendants
issued a series of materially false and misleading statements
regarding Corinthian's compliance with governmental regulations,
and Corinthian's growth and foreseeable profitability.
On or about August 3, 2010, the United States General Accounting
Office ("GAO") released a report which concluded that for-profit
educational institutions like Corinthian and other for-profit
educational institutions had engaged in an illegal and fraudulent
course of action designed to recruit students and over-charge the
federal government for the cost of said education. Following the
release of the GAO report, the U.S. Department of Education
initiated an investigation of Corinthian practices and shares of
Corinthian collapsed, falling almost 17% in the following trading
days.
The Corinthian securities class action complaint alleges that
the Defendants made positive statements in press releases and SEC
filings regarding Corinthian's operational performance and future
growth projections and that these statements were false
because:
(1) Defendants inflated Corinthian's results by inducing
students to enroll in Corinthian's scholastic and educational
programs and engaged in other manipulative recruiting tactics;
(2) Defendants had materially overstated Corinthian's growth
prospects by failing to properly disclose that defendants had
engaged in illicit and improper recruiting activities, thereby
artificially inflating Corinthian's reported results and future
growth prospects; and
(3) Corinthian did not maintain adequate systems of internal
operation or financial controls which would have permitted
Corinthian's reported operational statements and foreseeable growth
prospects to be true and accurate or reliable.
Plaintiff seeks to recover damages on behalf of all Class
members who purchased or otherwise acquired shares of Corinthian
during the Class Period. If you purchased or otherwise acquired
Corinthian shares during the Class Period, between April 1, 2007
and August 19, 2010, and either lost money on the transaction or
still hold the shares, you may wish to join in this action. If you
wish to serve as a lead plaintiff, a party representative that acts
on behalf of other class members, you may do so if the Court
determines that the class member's claim is typical of the claims
of other class members, and that the class member will adequately
represent the class. Your ability to share in any recovery is not
affected by the decision whether or not to serve as a lead
plaintiff. You may retain Gilman and Pastor, LLP, or other counsel
of your choice, to serve as your counsel in this action.
To discuss your rights as a Corinthian shareholder, including as
to the recovery of your losses, or to obtain additional
information, please contact Gilman and Pastor, LLP at
www.investment-losses.com, by email at rpotkay@gilmanpastor.com or
by calling toll-free (877) 428-7374.
Gilman and Pastor, LLP is one of the country's premier national
law firms that represents institutional and individual investors in
class actions, complex securities and corporate governance
litigation. The firm has been a champion of investor rights for
over 30 years and has been recognized for its reputation for
excellence by the courts. You may retain Gilman and Pastor without
financial obligation or cost to you, or you may retain other
counsel of your choice.
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CONTACT: Kenneth G. Gilman, Esquire Gilman and Pastor, LLP 16
Fourteenth Avenue Wareham, MA 02571 kgilman@gilmanpastor.com (877)
428-7374 (508) 291-3258 FAX
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