|Company Name||K12 Inc|
|Class Period||April 27, 2020 to September 18, 2020|
|Lead Plaintiff Motion Deadline||January 19, 2021|
On August 26, 2020, reports surfaced that K12’s training for teachers on its online education platform in Miami-Dade County Public Schools, one of the largest school districts in the country, had been ineffective and “unacceptable.”
On this news, the Company’s stock price fell $5.87, or 13.5%, over the course of two trading days to close at $37.70 on August 27, 2020.
On August 31, 2020, when classes in Miami-Dade started, K12’s platform experienced major technical issues, disruptions, and a series of cyberattacks. During a district Board meeting to discuss the problems with K12’s platform, the district’s superintendent revealed that the district had never executed its $15.3 million contract with K12.
On this news, the price of K12 shares fell by $3.96, or 10.2%, over the course of two trading days, to close at $34.89 on September 3, 2020.
A week later, facing overwhelming complaints from parents and teachers about K12’s platform and curriculum, the Miami-Dade County Public Schools Board voted to terminate its contract with K12.
On this news, the Company’s stock price fell by $3.21, or 9.5%, to close at $30.55 on September 10, 2020.
On September 17, 2020, due to the lack of confidence in K12’s ability to provide educational solutions for the district, the Beaufort County School Board also voted to terminate its contract with K12.
On this news, the Company’s stock price fell $1.09, or 3.9%, to close at $27.21 on September 18, 2020.
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