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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of August 3, 2013 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC..
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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March 22, 2013 - The court preliminarily approved the settlement.
March 4, 2013 - TA stipulation of settlement was filed by the parties.
September 14, 2012 - The court denied the defendants' motion to dismiss.
July 20, 2012 - A motion to dismiss the amended complaint was filed.
June 22, 2012 - An amended complaint was filed.
January 30, 2012 - An investor in shares of K12 Inc (NYSE: LRN) filed a lawsuit in the U.S. District Court for the Eastern District of Virginia against K12 Inc over alleged Violations of Federal Securities Laws in connection with certain concerns raised about K12 Inc’s business practices.
According to the complaint the plaintiff alleges on behalf of investors in K12 Inc common stock during the period between September 9, 2009 and December 16, 2011, that K12 Inc and certain of its senior executives violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements between September 9, 2009 and December 16, 2011. K12 Inc reported that its 12months Revenue rose from $226.24million for a 12months period ending on June 30, 2008 to $522.43million ending for a 12months period on June 30, 2011.
However, its Net Income fell over the same time periods from $33.77million to $12.79million. Shares of K12 Inc (NYSE: LRN) rose from as low as $13.67 in March 09 to as high as $39.37 per share in April 2011.
Then on December 12, 2011, a media report entitled “Profits and Questions at Online Charter Schools” raised serious concerns about K12 Inc’s business practices, alleging that its schools inflate their student rosters, are underperforming academically, have detrimental student-to-teacher ratios and gain wrongful access to public funds.
On December 13, 2011 K12 Inc responded in a statement to the article and said the article ‘is unfair and one-sided, and advances an anti-parent choice policy agenda’. However, K12 Inc’s shares fell from $28.79 per share on December 12, 2011 to $20.57 per share on December 14, 2011. In fact, since April 2011 NYSE: LRN stocks fell from almost $40 to recently as low as $17.25 per share. NYSE: LRN shares closed on January 31, 2012 at $22.39 per share.