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Oklahoma City, OK (May 13, 2020) – On May 12, 2020, a securities class action lawsuit was filed in the United States District Court for the District of Delaware against Grand Canyon Education, Inc. (NASDAQ: LOPE). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 5, 2018 through January 27, 2020. More specifically, the complaint alleges that the Company inflated Grand Canyon’s financial results by using a non-profit independent entity, Grand Canyon University (“GCU”) 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. Defendants repeatedly made false and misleading statements to investors describing GCU as a “non-profit” and “independent” institution and misstating Grand Canyon’s role as a third-party provider of education services. As a result of Defendants’ misrepresentations, shares of Grand Canyon’s common stock traded at artificially inflated prices during the Class Period. Investors slowly began learning the truth of the relationship between the Company and GCU, culminating with Citron Research publishing a report on January 28, 2020 outlining the intricate and allegedly unlawful relationship between the Company and GCU. Following the publication of the Citron Research report the Company’s shares fell sharply in value.
Plaintiff seeks to recover damages on behalf of all Grand Canyon Education, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, July 13, 2020 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com