Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Career Education Corporation to In...
January 20 2012 - 3:57PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Northern District of Illinois on behalf of purchasers
of the common stock of Career Education Corporation ("Career
Education" or the "Company") (NASDAQ: CECO) during the period
between January 1, 2009 and November 1, 2011, inclusive (the "Class
Period").
If you have suffered a net loss for all transactions in Career
Education Corporation common stock during the Class Period, you may
obtain additional information about this lawsuit and your ability
to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than March 13, 2012 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that CECO was materially
overstating its retention rates and employment, or "placement"
rates following graduation and reported same in violation of the
Company's accreditation status and Title IV funding requirements.
According to the complaint, after, on May 17, 2011, CECO announced
that it had received a subpoena from the Attorney General of the
State of New York (the "NYAG") requesting documents pertaining to
student employment outcomes and placement rates of graduates in
connection with the NYAG's investigation into whether the Company
and certain of its schools complied with certain New York state
consumer protection, securities, finance and other laws, after, on
May 24, 2011, the Company confirmed the NYAG's investigation and
disclosed the existence of the Subpoena in a Form 8-K filed with
the SEC, and after, on November 1, 2011, the Company released
preliminary results of an investigation showing that many of CECO's
schools had been artificially inflating placement rates reported to
accreditation agencies, the value of CECO shares declined
significantly.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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