Lead Plaintiff Deadline: 01/18/2021
SUMMARY OF CASE:
A securities class action has been filed against K12, Inc. (LRN) on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired common shares of K12 stock between April 27, 2020 through September 18, 2020. This case has been filed in the USDC – E.D.VA.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors that: (i) K12 lacked the technological capabilities, infrastructures, and expertise to support the increased demand for virtual and blended education necessitated by the global pandemic; (ii) K12 lacked adequate cyberattack protocols and protections to prevent the disabling of its computer system; (iii) K12 was unable provide the necessary levels of administrative support and training to teachers, students, and parents; and (iv) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s business, operations, and prospects and/or lacked a reasonable basis and omitted facts.