Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Delaware on behalf of shareholders of Grand Canyon Education, Inc. who purchased shares between January 5, 2018 and January 27, 2020.
Grand Canyon and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 28, 2020, following a series of prior negative revelations regarding the Company, Citron Research reported that, based on findings of the U.S. Department of Education and the Company’s own documentation obtained via an FOIA request, the Company was an “educational Enron” that used a “captive non-reporting subsidiary” to “dump expenses and liabilities, while receiving a disproportionate amount of revenue at inflated margins in order to artificially inflate the stock price.”
On this news, the price of Grand Canyon’s shares declined further, injuring investors.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 13, 2020 to request that the court appoint them lead plaintiff.