Glancy Binkow & Goldberg LLP, Representing Shareholders of Corinthian Colleges, Inc., Announces a November 1, 2010, Deadline ...
27 Octobre 2010 - 2:46PM
Business Wire
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased or otherwise acquired the securities of
Corinthian Colleges, Inc. (“Corinthian Colleges” or the “Company”)
(NASDAQ:COCO) between October 30, 2007
and August 19, 2010, inclusive (the “Class Period”), have five days
until the November 1, 2010, deadline to move the Court to serve as
Lead Plaintiff in the securities fraud class action lawsuit pending
in the United States District Court for the Central District of
California.
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201-9150 or Toll Free at (888) 773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
The Complaint charges Corinthian Colleges and certain of the
Company's executive officers with violations of federal securities
laws. Corinthian Colleges is a post-secondary education company
that offers various diploma programs, as well as undergraduate and
graduate-level degrees in the United States and Canada. The
Complaint alleges that throughout the Class Period defendants knew
or recklessly disregarded that their public statements concerning
Corinthian Colleges’ financial performance and prospects were
materially false and misleading. Specifically, defendants made
false and/or misleading statements and/or failed to disclose that:
(1) the Company overstated its growth prospects by engaging in
illicit and improper recruiting activities, which also had the
effect of artificially inflating 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.
On August 3, 2010, the U.S. General Accounting Office issued a
report that concluded that for-profit educational institutions such
as Corinthian Colleges 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. Subsequently, 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 Colleges 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 continued to do so.
As a result of this news, the price of Corinthian Colleges stock
fell from $9.25 on August 3, 2010, to $4.49 on August 20, 2010.
The Private Securities Litigation Reform Act of 1995 (“PSLRA”)
requires the Court to appoint a “Lead Plaintiff” in this case. Any
person or group who suffered a loss as a result of purchasing
Corinthian Colleges securities between October 30, 2007 and August
19, 2010, may ask the Court to be appointed as Lead Plaintiff, but
must file a motion no later than the November 1, 2010 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant
experience in prosecuting class actions, substantial expertise in
actions involving corporate fraud, and is representing Corinthian
Colleges shareholders in this litigation.
If you wish to discuss this action or have any questions
concerning this Notice or your rights or interests with respect to
these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los
Angeles, California 90067, by telephone at (310) 201-9150, Toll
Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
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