SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Corinthian Colleges, Inc. of Clas
07 Juillet 2013 - 4:00PM
Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a
class action lawsuit against Corinthian Colleges ("Corinthian" or
the "Company") (Nasdaq:COCO) and certain of its officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under 13 CV 4308, is on behalf of a class
consisting of all persons or entities who purchased or otherwise
acquired securities of Corinthian between August 23, 2011 and June
10, 2013 both dates inclusive (the "Class Period"). This class
action seeks to recover damages against the Company and certain of
its officers and directors as a result of alleged violations of the
federal securities laws pursuant to Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased Corinthian securities
during the Class Period, you have until August 19, 2013 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 Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Corinthian is a publicly traded, for-profit education company
headquartered in Santa Ana, CA. Corinthian operates a total of 105
campuses in 25 States, along with an online division, and offers
diploma and degree programs in health care, business, criminal
justice, transportation technology and maintenance, construction
trades, and information technology. Approximately 34 percent of
Corinthian students are enrolled online, and 64 percent are
enrolled in diploma (non-degree) programs.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) defendants
manipulated federal student loan and grant programs in order to
appear to be in compliance with new federal regulations enacted in
June 2011; (ii) defendants' predatory and deceptive recruiting and
enrollment practices violated federal regulations enacted beginning
in June 2011; and (iii) the Company engaged in systemic grade
falsification at the Company's campuses in order to appear to be in
conformance with the new regulations enacted beginning in 2011.
On June 10, 2013, the Company disclosed that the SEC was
conducting an investigation into the Company, and that the SEC has
requested documents and communications related to student
recruitment, attendance, completion, placement, and defaults on
loans, along with information on other corporate and financial
matters. On this news, Corinthian securities declined $0.32 per
share or nearly 11.47%, to close at $2.47 per share on June 11,
2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, 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: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
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