Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Career Education Corporation
February 25 2012 - 6:00AM
Business Wire
Glancy Binkow & Goldberg LLP announces that all purchasers
of the common stock of Career Education Corporation (“CECO” or the
“Company”) (NASDAQ:CECO) between January 1, 2009 and November 1,
2011, inclusive (the “Class Period”) have until March 13, 2012 to
file a motion with the Court to be appointed as Lead Plaintiff. The
securities fraud class action lawsuit was filed in the United
States District Court for the Northern District of Illinois.
CECO operates colleges, schools and universities, primarily in
the United States, that provide educational services in
career-oriented disciplines. The Complaint alleges that defendants
misrepresented or failed to disclose material adverse facts about
the Company's business and financial condition, including that: (i)
CECO’s reported retention rates and employment or “placement” rates
following graduation were higher than they actually were; (ii) the
Company’s purported placement rates were achieved through an
improper course of conduct and a manipulative use of the term
“employment”; (iii) the Company reported inflated placement rates
to the Accrediting Counsel for Independent Colleges and Schools,
the Accrediting Commission of Career Schools and Colleges, and its
other accrediting agencies; and (iv), as a result of the foregoing,
defendants misrepresented the health and condition of the Company,
in particular its ability to continue to receive Title IV
Funding.
On May 17, 2011, CECO received a subpoena from the Attorney
General of the State of New York requesting documents pertaining to
student recruitment and admissions, employment outcomes and
graduate placement rates, among other things. On August 3, 2011,
CECO announced it had identified improper practices at certain of
its schools related to the placement rates reported to
accreditation agencies, and had retained outside legal counsel to
conduct an investigation. Then, on November 1, 2011 the Company
announced that its outside counsel’s investigation confirmed the
existence of improper placement practices at certain of the
Company’s schools.
Any person or group who purchased CECO common stock between
January 1, 2009 and November 1, 2011 and suffered a loss may ask
the Court to be appointed as Lead Plaintiff, but must file a motion
no later than March 13, 2012. To be a member of the class you need
not take action at this time; you may retain counsel of your choice
or take no action and remain an absent class member. If you wish to
discuss this action or have any questions concerning this Notice or
your rights or interests with respect to these matters, please
contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg
LLP, 1925 Century Park East, Suite 2100, Los Angeles, California
90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224,
by e-mail to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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