| Company: | Corinthian Colleges, Inc. |
| Ticker Symbol: | NASD: COCO |
| Class Period: | August 27, 2003 to June 23, 2004 |
| Date Filed: | Jul-13-04 |
| Lead Plaintiff Deadline: | Sep-07-04 |
| Court: | Central District, CA |
| Allegations: |
A securities class action has been commenced on behalf of persons or entities who purchased or otherwise acquired the securities of Corinthian Colleges, Inc. ("Corinthian" or the "Company") (Nasdaq:COCO) between August 27, 2003 and June 23, 2004, inclusive, (the "Class Period").
The case is pending in the United States District Court for the Central District of California against defendants Corinthian and certain of its officers.
The Complaint alleges that defendants made false and misleading statements concerning its business and financial performance in violation of the Securities Exchange Act of 1934. Such representations were materially false and misleading because, unbeknownst to investors, they failed to disclose and/or misrepresented that (1) the Company manipulated financial aid documents to boost loan amounts available to students, thereby fraudulently receiving additional funds from the federal government; (2) the Company used the fraudulently obtained funds to boost its revenues and stock price; (3) the Company lacked adequate internal controls; and (4) as a result of the illegal practices, the Company's earnings and net income were materially inflated and in violation of Generally Accepted Accounting Principles ("GAAP").
On June 24, 2004, Corinthian announced that a division of the United States Department of Education ("USDE") had uncovered violations in obtaining federal loans at Corinthian's Bryman College campus in San Jose, California. Consequently, the USDE revoked the school's ability to receive advance payments on its student loans. News of this shocked the market. Shares of Corinthian fell $2.55 or 10.18 percent, on June 24, 2004, to close at $22.51.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that defendants made false and misleading statements concerning its business and financial performance in violation of the Securities Exchange Act of 1934. Such representations were materially false and misleading because, unbeknownst to investors, they failed to disclose and/or misrepresented that (1) the Company manipulated financial aid documents to boost loan amounts available to students, thereby fraudulently receiving additional funds from the federal government; (2) the Company used the fraudulently obtained funds to boost its revenues and stock price; (3) the Company lacked adequate internal controls; and (4) as a result of the illegal practices, the Company's earnings and net income were materially inflated and in violation of Generally Accepted Accounting Principles ("GAAP").
On June 24, 2004, Corinthian announced that a division of the United States Department of Education ("USDE") had uncovered violations in obtaining federal loans at Corinthian's Bryman College campus in San Jose, California. Consequently, the USDE revoked the school's ability to receive advance payments on its student loans. News of this shocked the market. Shares of Corinthian fell $2.55 or 10.18 percent, on June 24, 2004, to close at $22.51.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
