NEW YORK, Dec. 2, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against K12, Inc. ("K12" or the "Company") (NYSE: LRN) in the United States District Court for the Eastern District of Virginia on behalf of those who purchased or acquired the securities of K12 between April 27, 2020 to September 18, 2020, inclusive (the "Class Period").
All investors who purchased shares of K12, Inc., and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of against K12, Inc., you may, no later than January 19, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of K12, Inc.
On August 26, 2020, reports emerged that K12's training for teachers in Miami-Dade County Public Schools (Florida), one of the largest school districts in the country, had been ineffective and unacceptable. On this news, K12's shares fell by 7% over the course of two trading days, to close at $37.70 on August 27, 2020.
When classes in Miami-Dade commenced on August 31, 2020, K12's platform experienced major technical issues, disruptions, and a series of cyber attacks. In response, the district's superintendent revealed that the district had never executed its $15.3 million contract with K12. On this news, the price of K12 shares fell by 10.5% over the course of two trading days, to close at $34.89 on September 3, 2020.
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 their contract with K12. On this news, the price of K12 common shares once again fell drastically, by 11.5%, to close at $30.55 on September 10, 2020.
Other school districts also discovered K12's inability to deliver on its promises. On September 17, 2020, following a loss of confidence in K12's ability to provide educational solutions for the district, the Beaufort County School Board (South Carolina) also voted to terminate its contract with K12. On this news, the price of K12's shares fell 4.9%, to close at $27.21 on September 18, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP