CECO CECO Environmental Corporation

Cauley Geller Announces Class Action Lawsuit Against Career Education Corporation on Behalf of Investors NEW YORK, Dec. 11 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Career Education Corporation ("Career Education" or the "Company") common stock during the period between January 28, 2003 and December 2, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=207&pcode=10&pp=4. 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. If you bought Career Education common stock between January 28, 2003 and December 2, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than February 9, 2004.. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member. Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at http://www.cauleygeller.com/. Contact: CAULEY GELLER BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq. Client Relations Department: Jackie Addison, Heather Gann or Chandra West P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 Fax: 1-501-312-8505 E-mail: DATASOURCE: Cauley Geller Bowman & Rudman, LLP CONTACT: Samuel H. Rudman, Esq or David A. Rosenfeld, Esq., both of Cauley Geller Bowman & Rudman, LLP, +1-631-367-7100 Web site: http://www.cauleygeller.com/

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