Kahn Swick & Foti, LLC and Former Louisiana State Attorney General Remind Investors With Large Financial Interests (Greater than
29 Octobre 2010 - 10:59PM
Marketwired
Kahn Swick & Foti, LLC ("KSF") and its partner, the former
Louisiana Attorney General Charles C. Foti, Jr. remind investors
that they have only until November 1, 2010, to file lead plaintiff
applications in a securities fraud class action lawsuit against
Corinthian Colleges, Inc. ("Corinthian" or the "Company") (NASDAQ:
COCO) in the United States District Court for the Central District
of California, on behalf of purchasers of the Company's securities
between October 30, 2007 and August 19, 2010, inclusive (the "Class
Period").
What You May Do
If you are a Corinthian shareholder and would like to discuss
your legal rights and how this case might affect you and your right
to recover for your economic loss, you may, without obligation or
cost to you, e-mail or call KSF Managing Partner, Lewis Kahn
(lewis.kahn@ksfcounsel.com), toll free 1-866-467-1400, ext. 200, or
via cell phone any time at 504-301-7900, or KSF Director of Client
Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com),
toll free at 877-694-9510, or via cell phone any time at
330-860-4092. If you wish to serve as a lead plaintiff in this
class action by overseeing lead counsel with the goal of obtaining
a fair and just resolution, you must act urgently and request this
position by application to the Court by November 1, 2010. Any
member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member. KSF encourages both
institutional and individual purchasers of Corinthian to contact
the firm. The ultimate resolution of any securities class action is
strengthened through the involvement of aggrieved shareholders and
lead plaintiffs who have large financial interests.
About the Lawsuit
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 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 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.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a law firm focused on securities
class action litigation with offices in New York and Louisiana.
KSF's lawyers have significant experience litigating complex
securities class actions nationwide on behalf of both institutional
and individual shareholders. Recent cases include In re Virgin
Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead
Counsel, $19.5 Million Settlement Preliminarily Approved; In re BigBand Networks, Inc Securities
Litigation, 3:07-CV-05101-SBA (C.D. Cal.),
Co-Lead Counsel, $11 million
settlement; In re U.S. Auto Parts Networks,
Inc. Securities Litigation,
2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million
settlement. KSF is also federally court-appointed Co-Lead Counsel
in THE shareholder derivative cases against AIG and Bank of America
(Merrill Lynch merger) emanating from their recent multi-billion
dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact: Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner
866-467-1400, ext. 200 or after hours via cell phone 504-301-7900
lewis.kahn@ksfcounsel.com 206 Covington St. Madisonville, LA
70447
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