This lawsuit is for anyone who acquired securities in K12, Inc. (NYSE: LRN) from April 27, 2020 though September 18, 2020.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that its software was sufficiently reliable to service major public schools that decided to switch to online learning because of COVID-19, when, in fact, the software was not technologically suitable.
On August 26, 2020, reports surfaced that K12’s training for teachers on its online education platform in Miami-Dade County Public Schools, one of the largest school districts in the country, had been ineffective and “unacceptable.” On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on August 31, 2020, when classes in Miami-Dade started, K12’s platform experienced major technical issues, disruptions, and a series of cyberattacks. During a district Board meeting to discuss the problems with K12’s platform, the district’s superintendent revealed that the district had never executed its $15.3 million contract with K12. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. A week later, facing overwhelming complaints from parents and teachers about K12’s platform and curriculum, the Miami-Dade County Public Schools Board voted to terminate its contract with K12. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Finally, on September 17, 2020, due to the lack of confidence in K12’s ability to provide educational solutions for the district, the Beaufort County School Board also voted to terminate its contract with K12. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in K12, Inc. (NYSE: LRN) from April 27, 2020 though September 18, 2020 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.