LOPE investors have until July 13, 2020 to file a lead plaintiff motion to recover funds lost
Mon 29th Jun 2020 | Posted by GPMfeeds, on General
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Grand Canyon Education, Inc. (“Grand Canyon” or the “Company”) (NASDAQ: LOPE) investors who purchased common stock between January 5, 2018 and January 27, 2020, inclusive (the “Class Period”).
If you suffered a loss on your Grand Canyon investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/grand-canyon-education-inc/. You can also contact Charles H. Linehan, of GPM at 310-801-2829, or via email at shareholders@glancylaw.com to learn more about your rights.
On January 28, 2020, Citron Research published a report alleging, among other things, that Grand Canyon was improperly using a “captive, non-reporting subsidiary to hide its liabilities,” thereby “artificially inflat[ing] the [company’s] stock price.”
On this news, the Company’s share price fell $7.43, or over 8%, to close at $84.07 per share on January 28, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that GCU was not a proper non-profit organization as it remained under the control of Grand Canyon, (2) that Grand Canyon was not a third-party service provider to GCU but rather continued to effectively operate the entity, (3) that Grand Canyon employees served as executives of GCU, and (4) that GCU functioned as an off-balance-sheet entity to which Grand Canyon was able to funnel expenses and costs in exchange for a disproportionate amount of revenue, thereby inflating Grand Canyon’s financial results.
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If you purchased or otherwise acquired Grand Canyon common stock during the Class Period, you may move the Court no later than July 13, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-801-2829, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-801-2829