Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Grand Canyon Education, Inc. (LOPE)
Law Offices of Howard G. Smith reminds investors of the upcoming July 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who Grand Canyon Education, Inc. ("Grand Canyon" or the "Company") (NASDAQ: LOPE) securities between January 5, 2018 and January 27, 2020, inclusive (the "Class Period").
Investors suffering losses on their Grand Canyon investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On January 28, 2020, Citron Research published a report alleging, among other things, that Grand Canyon was improperly using a "captive, non-reporting subsidiary to hide its liabilities," thereby "artificially inflat[ing] the [company's] stock price."
On this news, the Companys share price fell $7.43, or over 8%, to close at $84.07 per share on January 28, 2020, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that GCU was not a proper non-profit organization as it remained under the control of Grand Canyon, (2) that Grand Canyon was not a third-party service provider to GCU but rather continued to effectively operate the entity, (3) that Grand Canyon employees served as executives of GCU, and (4) that GCU functioned as an off-balance-sheet entity to which Grand Canyon was able to funnel expenses and costs in exchange for a disproportionate amount of revenue, thereby inflating Grand Canyon's financial results.
If you purchased Grand Canyon securities during the Class Period, you may move the Court no later than July 13, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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