Lieff Cabraser Heimann & Bernstein, LLP Reminds Investors of Upcoming Deadline in Class Action Lawsuit Against Career Educati...
March 08 2012 - 10:30AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
reminds investors of the March 13, 2012 deadline to move for
appointment as lead plaintiff in the securities class action
against Career Education Corporation (“Career Education” or the
“Company”) (NasdaqGS: CECO), brought on behalf of purchasers of
Career Education common stock between January 1, 2009 and November
1, 2011, inclusive (the “Class Period”).
If you purchased Career Education common stock during the Class
Period, you may move the Court for appointment as lead plaintiff no
later than March 13, 2012. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Your share of any recovery in the action will not be
affected by your decision of whether to seek lead plaintiff
appointment. You may retain Lieff Cabraser, or other attorneys, as
your counsel in the action.
Career Education shareholders who wish to learn more about the
action and how to seek appointment as lead plaintiff should click
here or contact Sharon Lee of Lieff Cabraser at (800)
541-7358.
Career Education is a for-profit education company that operates
more than 90 campuses in the United States and abroad. On May 17,
2011, Career Education stock fell 1.2 percent after it disclosed
that it had received a subpoena from the Attorney General of the
State of New York requesting documents pertaining to graduate job
placement rates, among other information.
On August 3, 2011, Career Education announced that it had
“identified improper practices at certain of its campuses relating
to the determination of reported placement rates” and that it had
retained outside legal counsel to conduct an investigation. On this
news, the Company’s stock price fell $3.36 per share, or 15.4
percent.
Then, on November 1, 2011, Career Education announced that its
outside counsel confirmed the existence of improper placement
practices at certain schools and that only 13 of 49 accredited
Health Education and Art & Design schools met the accrediting
agency’s minimum job placement rate standard. On the same day, the
Company revealed that its President and CEO had resigned. On this
news, Career Education shares fell $7.63 per share, or 47.8
percent.
Lieff Cabraser is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate
responsibility.
For more information about Lieff Cabraser and the firm’s
representation of investors, please
visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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