|By Business Wire||
|February 13, 2014 10:32 AM EST||
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia on behalf of all purchasers of the common stock of K12, Inc. (“K12” or the “Company”) (NYSE:LRN) between March 11, 2013 and October 9, 2013, inclusive (the “Class Period”).
K12 offers proprietary curriculum, software systems and educational services through full-time virtual schools and blended schools for students in kindergarten through 12th grade. The lawsuit alleges that during the Class Period the Company and certain of its executive officers misrepresented or failed to disclose that:
- Between March 2013 and June 2013, K12 experienced a material decline in student applications for fiscal 2014.
- K12’s enrollment centers did not have adequate school-by-school planning tools or a staffing model in place sufficient to handle the timing and the volume of student applications.
- K12’s own promotional program started later than it should have, and drove more leads and applications later in the summer – when it was too late for the Company to convert the applications into student enrollments for fiscal 2014.
- K12 failed to appropriately consider increased compliance requirements that were applicable in certain states during the fiscal 2014 enrollment season.
- The Company failed to implement a sufficient early-warning system to detect operational failures in the enrollment process.
If you purchased K12 common stock during the Class Period, you have until April 1, 2014, to move the Court to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.