SHAREHOLDER ALERT: Investigation of K12 Inc.
NEW YORK, July 21, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of K12, Inc. ("K12" or the "Company") (NYSE: LRN). Such investors are advised to contact Peretz Bronstein or his investor relations analyst, Yael Hurwitz at info@bgandg.com or 212-697-6484.
The investigation concerns whether K12 and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 27, 2015, a study about online charter schools was published by Stanford's Center for Research on Education Outcomes ("CREDO") and explicitly mentioned K12. In the press release, CREDO stated that "[i]nnovative new research suggests that students of online charter schools had significantly weaker academic performance in math and reading, compared with their counterparts in conventional schools." On that same day, K12 reported poor financial results for the first quarter of fiscal year 2015. Following these releases, K12 stock dropped $1.93 per share, or 15.8%, to close at $10.25 on October 27, 2015. On that same day, after market hours, K12 filed its 10-Q Quarterly for the same fiscal quarter, and disclosed that it had received a subpoena from the Attorney General of the State of California, Bureau of Children's Justice regarding an investigation styled "In the Matter of the Investigation of: For-Profit Virtual Schools." Over the next three days, K12 stock dropped a cumulative $0.54 per share, or 5.2%, to close at $9.71 on October 30, 2015.
If you purchased K12 shares or if you are aware of any facts relating to this investigation, you can assist this investigation by visiting the firm's site: http://www.bgandg.com/#!k12/crqwx. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of K12 Inc. (LRN):
Big Education Ape: SF Flex charter school closes - Internal Affairs - http://bigeducationape.blogspot.com/2016/07/sf-flex-charter-school-closes-internal.html
Big Education Ape: Facing tough questions from Calif. officials, virtual charter school operator settles with attorney general | 89.3 KPCC - http://bigeducationape.blogspot.com/2016/07/facing-tough-questions-from-calif.html
Big Education Ape: California 'virtual' academies: Bill targets for-profit operator K12 Inc. - San Jose Mercury News - http://bigeducationape.blogspot.com/2016/06/california-virtual-academies-bill.html
Big Education Ape: California Legislators and Governor Brown: No Accountability for Charters | Diane Ravitch's blog - http://bigeducationape.blogspot.com/2016/06/california-legislators-and-governor.html
Charter vs. Charter Fight Heats Up
Earlier this week we looked at a report co-created by the National Alliance for Public [sic] Charter Schools, the National Association of Charter School Authorizers, and 50CAN in which the bricks and mortar wing of the charter school industry took the cyber-charters to task for stinking up the whole charter sector, and very helpfully offered some advice that involved a whole lot of restrictions and rules that cyber charters should have to follow.
It did not take long for the cyber charter industry to fire back.
K12 Inc, one of the very largest cyber chains. It was founded by banker and McKinsey alum Ronald Packer and got its initial stake from Michael and Lowell Milken (Michael is famous as the junk bond king who went to prison for fraud) and also a chunk of change from Andrew Tisch, big cheese at Loewe's (his wife served on the reformy Center for Education Innovation board and opened an all-girls school in Harlem in the late nineties). In addition to running their own cyber-empire, K12 has also been the force behind spectacular cyber-failures like the Agora cyber charter chain. Oh, and they are fully unabashedly for profit, like most of the cyber charters.
K12 Inc did not much care for the Cyber Shape-Up report, and they issued a press release to say so.
"Not collaborative," they say of the report. Nobody invited cyber-charters to come participate in the scolding of cyber-charters. Speaking for most public school teachers of the last decade, let me just express our sympathy for how annoying it is when people want to attack your work without even talking to you.
K12 also attacks the study that is most of the basis for the scolding of cybers because the data is old and doesn't include points that the cybers think are important (like why the student left her original Charter vs. Charter Fight Heats Up
