Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against
Corinthian Colleges, Inc.
NEW YORK, June 26, 2013
NEW YORK, June 26, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced
that a securities class action has been commenced in the United States
District Court for the Southern District of New York on behalf of all those
who purchased shares of Corinthian Colleges, Inc. (NASDAQ: COCO) ("Corinthian"
or the "Company") between August 23, 2011 and June 10, 2013, inclusive (the
(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO )
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
comply 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
conform 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 had 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.
Plaintiffs seek to recover damages on behalf of all Class members who invested
in Corinthian shares during the Class Period. If you invested in Corinthian
shares as described above during the Class Period, and either lost money on
the transaction or still hold the stock, you may wish to join in this action
to serve as lead plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate papers no
later than August 19, 2013.
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 Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Corinthian shareholder
and/or have information relating to the matter, please contact Joseph R.
Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and
shareholder rights cases and recovered over $3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs' Hot List" in each of
the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the
United States District Court for the Southern District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
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Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP
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