CECO CECO Environmental Corporation

Shareholder Class Action Filed Against Career Education Corporation By The Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., Dec. 11 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of Illinois on behalf of all purchasers of the common stock of Career Education Corporation ("Career Education" or the "Company") (NASDAQ:CECO) from January 28, 2003 through December 2, 2003, inclusive (the "Class Period"). 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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Career Education, John M. Larson, Patrick K. Pesch with violations Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the defendants' statements made during the Class Period were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company's "record" financial growth was a product of inflated student enrollment, retention, and graduation rates procured through the falsification of such records; (2) that student records were falsified in order to show a higher rate of enrollment, student retention, and graduation so that the Company would qualify for state and federal funding; (3) that Company, in order to procure its "record" financial results, forced its employees to falsify student records; and (4) that the Company's earning and net income were materially inflated and in violation of Generally Accepted Accounting Principles ("GAAP") because the Company's financial results were derived from the defendants' illegal practices. The truth behind the Company's "record" growth during the Class Period began to emerge on November 11, 2003 when The Record, a Bergen County, New Jersey newspaper, reported that a former director of Gibbs College, a school owned by the defendants, had filed a lawsuit against the Company. The former director accused the Company of falsifying student records in order to show a high rate of student retention and graduation, and to qualify for state and federal funding. On news of this, the Company's stock fell more than 13% or $7.10 per share on November 17, 2003 to close at $45.81. Similarly on December 3, 2003, The Santa Barbara News-Press reported that another former employee at a school owned by the defendants had filed another lawsuit wherein she claimed that "officials at the school acted illegally and improperly to inflate enrollment and boost the bottom line." The former employee also alleged that "[m]any staff members have been asked by management to commit forgery, fraud, perjury or whatever else is necessary to pass audit inspections." On news of this, shares of Career Education fell nearly 28% or $15.28 per share to close at $39.48 per share on December 3, 2003. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than February 9, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq. of Schiffrin & Barroway, LLP, +1-888-299-7706, or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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