Shareholder Class Action Filed Against Corinthian Colleges, Inc. by the Law Firm of Schiffrin & Barroway, LLP
08 Juillet 2004 - 11:50PM
PR Newswire (US)
Shareholder Class Action Filed Against Corinthian Colleges, Inc. by
the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa.,
July 8 /PRNewswire/ -- The following statement was issued today by
the law firm of Schiffrin & Barroway, LLP: Notice is hereby
given that a class action lawsuit was filed in the United States
District Court for the Central District of California on behalf of
all purchasers of the common stock of Corinthian Colleges, Inc.
(NASDAQ:COCO) ("Corinthian" or the "Company") from August 27, 2003
through June 23, 2004, inclusive (the "Class Period"). 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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or
Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or
1-610-667-7706, or via e-mail at . The complaint charges
Corinthian, Anthony Digiovanni, David Moore, and Dennis Beal with
violations of the Securities Exchange Act of 1934. More
specifically, the Complaint alleges that the Company failed to
disclose and misrepresented the following material adverse facts
which were known to defendants or recklessly disregarded by them:
(1) that the Company manipulated financial aid documents to boost
loan amounts available to students, thereby fraudulently receiving
additional funds from the federal government; (2) that the Company
used the fraudulently obtained funds to boost its revenues and
stock price; (3) that the Company lacked adequate internal
controls; and (4) that as result of the illegal practices, the
Company's earning and net income were materially inflated and in
violation of Generally Accepted Accounting Principles ("GAAP"). On
June 24, 2004, Corinthian announced that a division of the US
Department of Education ("USDE") had uncovered violations in
obtaining federal loans at Corinthian's Bryman College campus, in
San Jose, California. Consequently, USDE revoked the school's
ability to receive advance payments on its student loans. News of
this shocked the market. Shares of Corinthian fell $2.55 or 10.18
percent, on June 24, 2004, to close at $22.51. Plaintiff seeks to
recover damages on behalf of class members and is represented by
the law firm of Schiffrin & Barroway, which prosecutes class
actions in both state and federal courts throughout the country.
Schiffrin & Barroway is a driving force behind corporate
governance reform, and has recovered in excess of a billion dollars
on behalf of institutional and high net worth individual investors.
For more information about Schiffrin & Barroway, or to sign up
to participate in this action online, please visit
http://www.sbclasslaw.com/. If you are a member of the class
described above, you may, not later than September 7, 2004, move
the Court to serve as lead plaintiff of the class, if you so
choose. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. In order
to be appointed lead plaintiff, the Court must determine 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. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your counsel
in this action. CONTACT: Schiffrin & Barroway, LLP Marc A.
Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400
Bala Cynwyd, PA 19004 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT:
Marc A. Topaz, Esq. or Stuart L. Berman, Esq., Schiffrin &
Barroway, LLP, +1-888-299-7706 or +1-610-667-7706, Web site:
http://www.sbclasslaw.com/
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