COCO Vita Coco Company Inc

UPDATE: Shareholder Class Action Filed Against Corinthian Colleges, Inc. by the Law Firm of Schiffrin & Barroway, LLP with an Expanded Class Period BALA CYNWYD, Pa., Aug. 3 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that an amended 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 July 30, 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 earnings 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. On August 2, 2004, before the market opened, Corinthian announced that its preliminary operating results for the 2004 fourth quarter and 2004 fiscal year, as well as expectations for the 2005 fiscal year, were expected to fall below previous guidance. News of this again shocked the market. Shares of Corinthian fell, on August 2, 2004, $8.43 per share, or 45.03 percent, to close at $10.29 per share on unusually heavy trading volume. 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, e-mail: Web site: http://www.sbclasslaw.com/

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