Author Archive: Brian Sanchez

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Power Solutions International, Inc. of Class Action Lawsuit and Upcoming Deadline – PSIX

NEW YORK, Sept. 09, 2016 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Power Solutions International, Inc. (“PSI” or the “Company”) (NASDAQ:PSIX) and certain of its officers.   The class action, filed in United States District Court, Northern District of Illinois, and docketed under 16-cv-08253, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired PSI securities between May 8, 2015 and August 15, 2016 both dates inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 

If you are a shareholder who purchased PSI securities during the Class Period, you have until October 21, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

PSI designs, manufactures, distributes, and supports power systems and custom engineered integrated electrical power generation systems for industrial original equipment manufacturers of off-highway industrial equipment and on-road medium trucks and buses.  The Company sells its products and services primarily in North America, as well as in the Pacific Rim and Europe.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company inappropriately recognized revenue for certain transactions; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) as a result of the foregoing, PSI’s public statements were materially false and misleading at all relevant times. 

On August 15, 2016, after the market closed, the Company issued a press release and filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”), announcing that the Company needed additional time to file its quarterly report for the quarter ended June 30, 2016 with the SEC. 

On this news, PSI’s share price fell $1.52 per share, or 9.85%, to close at $13.91 on August 16, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

Robert S. Willoughby
                    Pomerantz LLP
                    rswilloughby@pomlaw.com

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Pomerantz Law Firm Announces the Filing of a Class Action against Quorum Health Corporation and Certain Officers – QHC

NEW YORK, Sept. 09, 2016 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Quorum Health Corporation (“Quorum” or the “Company”) (NYSE:QHC) and certain of its officers.   The class action, filed in United States District Court, Middle District of Tennessee, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Quorum securities: (1) pursuant and/or traceable to Quorum’s false and misleading Registration Statement issued in connection with the Company’s spinoff from Community Health Systems, Inc. (“CHS”) effective on or about April 29, 2016; and/or (2) on the open market between May 2, 2016 and August 10, 2016, both dates inclusive, seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased Quorum securities during the Class Period, you have until November 8, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Quorum is an independent operator and manager of general acute-care hospitals and outpatient services in the United States, with facilities in 16 states.  Quorum was spun off from CHS effective April 29, 2016.  Under the terms of the spin-off, CHS stockholders who held CHS common stock as of April 22, 2016, the record date, received a distribution of one share of Quorum common stock for every four shares of CHS common stock, plus cash in lieu of any fractional shares. CHS’s stockholders owned all of the outstanding common stock of Quorum upon completion of the spinoff.   

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) a number of Quorum’s hospitals were underperforming at the time of the spin-off from CHS; (ii) various other indicators of impairment existed at the time of Quorum’s spin-off from CHS; (iii) Quorum disregarded and/or failed to advise investors of the foregoing issues; and (iv) as a result of the foregoing, Quorum’s public statements were materially false and misleading at all relevant times. 

On August 10, 2016, Quorum issued a press release and filed a Quarterly Report on Form 10-Q with the SEC announcing the Company’s financial and operating results for the three months ended June 30, 2016 (the “Q2 2016 10-Q”).  In the press release and Q2 2016 10-Q, Quorum reported a substantial net loss and an operating loss for the quarter.  Defendants blamed the large operating loss on the $250.4 million in impairment charges Quorum had taken in the quarter, including $45.4 million to reduce certain long-lived asset values in property, equipment and software; $5 million in goodwill based on management’s decision to divest certain hospitals; and $200 million related to the carryover allocation of goodwill at the time of the spin-off from CHS.

On this news, Quorum’s share price fell $4.99, or 49.8%, to close at $5.03 on August 11, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com


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Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in AECOM of Class Action Lawsuit and Upcoming Deadline – ACM

NEW YORK, Sept. 9, 2016 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against AECOM (“AECOM” or the “Company”) (NYSE: ACM) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 16-cv-06605, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired AECOM securities between February 11, 2015 and August 15, 2016 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

If you are a shareholder who purchased AECOM securities during the Class Period, you have until October 31, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

AECOM together with its subsidiaries, engages in designing, building, financing, and operating infrastructure assets worldwide. The Company operates through three segments: Design and Consulting Services (DCS), Construction Services (CS), and Management Services (MS). The DCS segment provides planning, consulting, architectural and engineering design, program management, and construction management services for industrial, commercial, institutional, and government clients, such as transportation, facilities, environmental, and energy/power markets. The CS segment offers building construction and energy, as well as infrastructure and industrial construction services. The MS segment provides program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services primarily for agencies of the U.S. government and other national governments.

On October 17, 2014, AECOM announced that the Company had finalized its acquisition of URS Corp. (“URS” and the “URS Acquisition”).

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) AECOM engaged in fraudulent and deceptive business practices (ii) AECOM lacked effective internal controls over financial reporting; (iii) AECOM overstated the benefits of the URS Acquisition; (iv) AECOM overstated the Company’s free cash flow per share; and (v) as a result of the foregoing, AECOM’s public statements were materially false and misleading at all relevant times.

On August 16, 2016, Spruce Point Capital Management published a report on AECOM (the “Spruce Point Report”), stating that “after a careful forensic financial and accounting analysis of AECOM’s recent financial results and condition, we believe that AECOM’s stock is worth approximately 33% – 45% less than its current price.” Among other issues, the Spruce Point Report cited AECOM management’s “misaligned incentive structure,” pursuant to which the Company’s “CEO’s $18 million compensation in 2015 [was] heavily tied to its aggressive interpretation of its Free Cash Flow per share,” and asserted that the Company had misrepresented the costs and benefits of the URS Acquisition.

On this news, AECOM stock fell $1.65, or 4.7%, to close at $33.44 on August 16, 2016, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-aecom-of-class-action-lawsuit-and-upcoming-deadline–acm-300325754.html

SOURCE Pomerantz LLP


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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Concordia International Corp. of Class Action Lawsuit and Upcoming Deadline – CXRX

NEW YORK, Sept. 09, 2016 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Concordia International Corp. (“Concordia” or the “Company”) (NASDAQ:CXRX) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 16-cv-06749, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Concordia securities between November 12, 2015 and August 12, 2016 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 

If you are a shareholder who purchased Concordia securities during the Class Period, you have until October 14, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Concordia is a specialty pharmaceutical company that purportedly owns a portfolio of branded and generic prescription products which are sold to wholesalers, hospitals and pharmacies in over 100 countries.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was experiencing a substantial increase in market competition against the Company’s drug, Donnatal, and other products; (ii) consequently, the Company’s financial results would suffer and the Company would be forced to suspend its dividend; and (iii) as a result of the foregoing, Defendants’ statements about Concordia’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On August 12, 2016, Concordia issued a press release announcing that it was lowering its 2016 guidance “to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates.” The Company also announced that Adrian de Saldanha, Concordia’s Chief Financial Officer, was leaving the Company, and that Concordia’s Board unanimously agreed to suspend the Company’s $0.075 quarterly dividend.

On this news, Concordia’ stock price fell $6.33 per share, or 38%, to close at $10.03 per share on August 12, 2016, on unusually heavy trading volume.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
                    Robert S. Willoughby
                    Pomerantz LLP
                    rswilloughby@pomlaw.com

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Premier ERISA Law Firm Extends its Leadership With the Addition of Bruce J. McNeil

BOSTON, Sep 08, 2016 (GLOBE NEWSWIRE via COMTEX) —

Marcia Wagner, the Managing Director of The Wagner Law Group, widely recognized as the country’s top ERISA and employee benefits law firm, is pleased to announce that Bruce J. McNeil, a preeminent ERISA and employee benefits attorney, has joined the firm as a partner, effective as of September 6, 2016. “Bruce’s breadth of knowledge and depth of experience in ERISA and employee benefits law further strengthens our firm’s position as an exceptional institution in that area of practice,” says Ms. Wagner.

Mr. McNeil is considered one of the country’s foremost experts in the area of nonqualified deferred compensation and has testified as an expert before the United States Senate Committee on Finance on executive compensation matters.  He is the author of over 28 books, including 17 editions of “Nonqualified Deferred Compensation Plans,” “Tax-Sheltered Annuities Under 403(b) and Nonqualified 457 Plans,” and “Employee Benefits in Mergers & Acquisitions,”  and he is the author or co-author of over 80 articles on employee benefit issues.  Mr. McNeil is a Fellow of the American College of Employee Benefits Counsel and is the Editor-in-Chief of both the Journal of Pension Planning & Compliance and the Journal of Deferred Compensation.  A member of the Bar in multiple jurisdictions, Mr. McNeil is also admitted to practice in the United States Supreme Court, the United States Tax Court as well as several Courts of Appeal and District Courts.  He has been an adjunct professor of law at the University of Minnesota Law School and is formerly a shareholder with the law firm of Littler Mendelson P.C. in Minneapolis, Minnesota, and served with the Employee Plans Technical and Actuarial Division of the Internal Revenue Service in Washington, D.C.   Mr. McNeil received a BA from Concordia College, a JD from Drake University Law School, an LLM from Georgetown University Law Center, and an MA in English from Georgetown University.  “I am thrilled to be joining the country’s most extraordinary team of ERISA and employee benefits attorneys,” says Mr. McNeil.

The Wagner Law Group:
The Wagner Law Group, now proudly celebrating its 20 [th] anniversary, has been dedicated to the highest standards of integrity, excellence and thought leadership and is considered to be the nation’s most exceptional ERISA and employee benefits law firms.  The firm has five offices, providing unparalleled legal advice to its clients, including large, small and nonprofit corporations as well as individuals and government entities, in over 45 states and several foreign countries. The Wagner Law Group’s 25 attorneys combine many years of experience in their specialty fields of practice with a variety of backgrounds. Five of the attorneys are AV rated by Martindale-Hubbell as having very high to preeminent legal abilities and ethical standards. Four attorneys have been named to the prestigious Super Lawyers list for 2016, which highlight outstanding lawyers based on a rigorous selection process.

 FOR MORE INFORMATION, CONTACT: Ari J. Sonneberg asonneberg@wagnerlawgroup.com (617) 357-5200 

Copyright (C) 2016 GlobeNewswire, Inc. All rights reserved.



















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Premier ERISA Law Firm Extends its Leadership With the Addition of Bruce J. McNeil

BOSTON, Sept. 08, 2016 (GLOBE NEWSWIRE) — Marcia Wagner, the Managing Director of The Wagner Law Group, widely recognized as the country’s top ERISA and employee benefits law firm, is pleased to announce that Bruce J. McNeil, a preeminent ERISA and employee benefits attorney, has joined the firm as a partner, effective as of September 6, 2016. “Bruce’s breadth of knowledge and depth of experience in ERISA and employee benefits law further strengthens our firm’s position as an exceptional institution in that area of practice,” says Ms. Wagner.

/EIN News/ — Mr. McNeil is considered one of the country’s foremost experts in the area of nonqualified deferred compensation and has testified as an expert before the United States Senate Committee on Finance on executive compensation matters.  He is the author of over 28 books, including 17 editions of “Nonqualified Deferred Compensation Plans,” “Tax-Sheltered Annuities Under § 403(b) and Nonqualified § 457 Plans,” and “Employee Benefits in Mergers & Acquisitions,”  and he is the author or co-author of over 80 articles on employee benefit issues.  Mr. McNeil is a Fellow of the American College of Employee Benefits Counsel and is the Editor-in-Chief of both the Journal of Pension Planning & Compliance and the Journal of Deferred Compensation.  A member of the Bar in multiple jurisdictions, Mr. McNeil is also admitted to practice in the United States Supreme Court, the United States Tax Court as well as several Courts of Appeal and District Courts.  He has been an adjunct professor of law at the University of Minnesota Law School and is formerly a shareholder with the law firm of Littler Mendelson P.C. in Minneapolis, Minnesota, and served with the Employee Plans Technical and Actuarial Division of the Internal Revenue Service in Washington, D.C.   Mr. McNeil received a BA from Concordia College, a JD from Drake University Law School, an LLM from Georgetown University Law Center, and an MA in English from Georgetown University.  “I am thrilled to be joining the country’s most extraordinary team of ERISA and employee benefits attorneys,” says Mr. McNeil.

The Wagner Law Group:
The Wagner Law Group, now proudly celebrating its 20th anniversary, has been dedicated to the highest standards of integrity, excellence and thought leadership and is considered to be the nation’s most exceptional ERISA and employee benefits law firms.  The firm has five offices, providing unparalleled legal advice to its clients, including large, small and nonprofit corporations as well as individuals and government entities, in over 45 states and several foreign countries. The Wagner Law Group’s 25 attorneys combine many years of experience in their specialty fields of practice with a variety of backgrounds. Five of the attorneys are AV rated by Martindale-Hubbell as having very high to preeminent legal abilities and ethical standards. Four attorneys have been named to the prestigious Super Lawyers list for 2016, which highlight outstanding lawyers based on a rigorous selection process.

FOR MORE INFORMATION, CONTACT:
                    Ari J. Sonneberg
                    asonneberg@wagnerlawgroup.com
                    (617) 357-5200

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The Ministry of Planning and Investment has published the draft law amending some articles related to investments and enterprises following which more business sectors would be allowed for foreign capital.


HÀ NỘI – The Ministry of Planning and Investment has published draft law amendments, with some articles focusing on making foreign capital flow more smoothly into investments and enterprises.


The amendments, which are open for public consultation, propose an abolition of 67 conditional businesses lines specified in Investment Law 2014. If the draft law is approved, foreign investors will now be able to take a majority stake in or wholly own these Vietnamese business.


According to Law on Investment 2014, conditional business lines are those in which the investment must satisfy certain conditions pertaining to national defence and security, social order and security, social ethics, or public health.


Among these 67 business lines, many sectors have attracted investor interest including debt trading services, operation of real estate exchanges, real estate valuation and brokerage, manufacture of gold bullions, coal trading, commercial assessment services, car warranty and maintenance services, import of radio transmitters and transceivers and plastic surgery services.


In addition, many service sectors related to food, health, animal, training and education and consultancy will be eased for foreign ownership.


Since September 1, 2015, Decree No 60/2015/NĐ-CP has allowed foreign investors to wholly own public domestic companies not subject to the conditional business lines of the Ministry of Planning and Investment.


However, the ministry has yet to introduce the official list. Until now, the Investment Law 2014 provides a list of 267 conditional business lines and industries, but this is not the list refereed to by Decree 60.


So far, only a few of enterprises have plans to raise their foreign holding to 100 per cent, while others are awaiting the official list. Many local firms are operating in several business lines with different provisions on the foreign ownership ratio.


Decree No 60, which scraps the cap on foreign ownership, has given a boost to foreign direct investment and has made the Vietnamese stock market a more popular destination.


The benchmark VN-Index has climbed over 15 per cent this year.


The draft law also allows fully-foreign ownership in economic organisations except for listed companies, public companies and securities and fund management companies which must comply with Securities Law.


Foreign holdings in equitised State-owned enterprises conform to law on equitisation and transformation of State-owned enterprises.


In addition, the ministry will also add 14 industries in the list of conditional business lines and industries, including management and operation of apartment buildings, registration and distribution of films, audit of energy, consulting of overseas study, trading in registration and maintenance of Internet domains. – VNS

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in K12 Inc. of Class Action Lawsuit and Upcoming Deadline – LRN

NEW YORK, Sept. 08, 2016 (GLOBE NEWSWIRE) —

Pomerantz LLP announces that a class action lawsuit has been filed against K12 Inc. (“K12” or the “Company”) (NYSE:LRN) and certain of its officers.  The class action, filed in United States District Court, Northern District of California, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired K12 securities between November 7, 2013 and October 27, 2015, both dates inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 

If you are a shareholder who purchased K12 securities during the Class Period, you have until September 18, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

K12 is a technology-based education company that purportedly provides technology-based educational products and solutions to public school districts, public schools, virtual charter schools, private schools, and families.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that K12 was publishing misleading advertisements about students’ academic progress, parent satisfaction, their graduates’ eligibility for University of California and California State University admission, class sizes, the individualized and flexible nature of K12’s instruction, hidden costs, and the quality of the materials provided to students; (2) that K12 submitted inflated student attendance numbers to the California Department of Education in order to collect additional funding; (3) that, as a result of the aforementioned practices, the Company was open to potential civil and criminal liability; (4) that the Company would likely be forced to end these practices, which would have a negative impact on K12’s operations and prospects, and/or that K12 was, in fact, ending the practices; and (5) that, as a result of the foregoing, Defendants’ statements about K12’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On October 27, 2015, Stanford’s Center for Research on Education Outcomes (“CREDO”) published a study regarding online charter schools, specifically mentioning K12. CREDO also published a press release in conjunction with the study, summarizing the results of the study. CREDO, in the press release, stated: “Innovative new research suggests that students of online charter schools had significantly weaker academic performance in math and reading, compared with their counterparts in conventional schools.” Multiple news organizations publicized the CREDO study.

On the same day, October 27, 2015, the Company issued a press release entitled “K12 Inc. Reports First Quarter Fiscal 2016 With Revenue of $221.2 Million.” Therein, the Company reported disappointing financial results including “[r]evenues of $221.2 million, compared to $236.7 million in the first quarter of FY 2015,” “EBITDA . . . of negative $3.9 million, compared to $3.7 million in the first quarter of FY 2015,” and an “[o]perating loss of $20.5 million, compared to an operating loss of $13.2 million in the first quarter of FY 2015.”

On this news, K12’s stock price fell $1.93 per share, or 15.8%, to close at $10.25 per share on October 27, 2015, on unusually heavy trading volume.

After the market closed on October 27, 2015, K12 filed its Form 10-Q with the SEC for the fiscal quarter ended September 30, 2015. Therein, the Company disclosed that it received a subpoena from the Attorney General of the State of California, Bureau of Children’s Justice in connection with an investigation styled “In the Matter of the Investigation of: ForProfit Virtual Schools.”

Though the market did not immediately react to the disclosure of the subpoena buried in the Company’s Form 10-Q, K12’s stock price slid a cumulative $0.54 per share, or 5.2%, over three days from a close of $10.25 per share on October 27, 2015, to a close of $9.71 per share on October 30, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com


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 Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in K12 Inc. of Class Action Lawsuit and Upcoming Deadline – LRN

NEW YORK, Sept. 08, 2016 (GLOBE NEWSWIRE) —

Pomerantz LLP announces that a class action lawsuit has been filed against K12 Inc. (“K12” or the “Company”) (NYSE:LRN) and certain of its officers.  The class action, filed in United States District Court, Northern District of California, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired K12 securities between November 7, 2013 and October 27, 2015, both dates inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 

If you are a shareholder who purchased K12 securities during the Class Period, you have until September 18, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

K12 is a technology-based education company that purportedly provides technology-based educational products and solutions to public school districts, public schools, virtual charter schools, private schools, and families.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that K12 was publishing misleading advertisements about students’ academic progress, parent satisfaction, their graduates’ eligibility for University of California and California State University admission, class sizes, the individualized and flexible nature of K12’s instruction, hidden costs, and the quality of the materials provided to students; (2) that K12 submitted inflated student attendance numbers to the California Department of Education in order to collect additional funding; (3) that, as a result of the aforementioned practices, the Company was open to potential civil and criminal liability; (4) that the Company would likely be forced to end these practices, which would have a negative impact on K12’s operations and prospects, and/or that K12 was, in fact, ending the practices; and (5) that, as a result of the foregoing, Defendants’ statements about K12’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On October 27, 2015, Stanford’s Center for Research on Education Outcomes (“CREDO”) published a study regarding online charter schools, specifically mentioning K12. CREDO also published a press release in conjunction with the study, summarizing the results of the study. CREDO, in the press release, stated: “Innovative new research suggests that students of online charter schools had significantly weaker academic performance in math and reading, compared with their counterparts in conventional schools.” Multiple news organizations publicized the CREDO study.

On the same day, October 27, 2015, the Company issued a press release entitled “K12 Inc. Reports First Quarter Fiscal 2016 With Revenue of $221.2 Million.” Therein, the Company reported disappointing financial results including “[r]evenues of $221.2 million, compared to $236.7 million in the first quarter of FY 2015,” “EBITDA . . . of negative $3.9 million, compared to $3.7 million in the first quarter of FY 2015,” and an “[o]perating loss of $20.5 million, compared to an operating loss of $13.2 million in the first quarter of FY 2015.”

On this news, K12’s stock price fell $1.93 per share, or 15.8%, to close at $10.25 per share on October 27, 2015, on unusually heavy trading volume.

After the market closed on October 27, 2015, K12 filed its Form 10-Q with the SEC for the fiscal quarter ended September 30, 2015. Therein, the Company disclosed that it received a subpoena from the Attorney General of the State of California, Bureau of Children’s Justice in connection with an investigation styled “In the Matter of the Investigation of: ForProfit Virtual Schools.”

Though the market did not immediately react to the disclosure of the subpoena buried in the Company’s Form 10-Q, K12’s stock price slid a cumulative $0.54 per share, or 5.2%, over three days from a close of $10.25 per share on October 27, 2015, to a close of $9.71 per share on October 30, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com


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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in K12 Inc. of Class Action Lawsuit and Upcoming Deadline – LRN

/EIN News/ — NEW YORK, Sept. 08, 2016 (GLOBE NEWSWIRE) —

Pomerantz LLP announces that a class action lawsuit has been filed against K12 Inc. (“K12” or the “Company”) (NYSE:LRN) and certain of its officers.  The class action, filed in United States District Court, Northern District of California, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired K12 securities between November 7, 2013 and October 27, 2015, both dates inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”). 

If you are a shareholder who purchased K12 securities during the Class Period, you have until September 18, 2016 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

K12 is a technology-based education company that purportedly provides technology-based educational products and solutions to public school districts, public schools, virtual charter schools, private schools, and families.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that K12 was publishing misleading advertisements about students’ academic progress, parent satisfaction, their graduates’ eligibility for University of California and California State University admission, class sizes, the individualized and flexible nature of K12’s instruction, hidden costs, and the quality of the materials provided to students; (2) that K12 submitted inflated student attendance numbers to the California Department of Education in order to collect additional funding; (3) that, as a result of the aforementioned practices, the Company was open to potential civil and criminal liability; (4) that the Company would likely be forced to end these practices, which would have a negative impact on K12’s operations and prospects, and/or that K12 was, in fact, ending the practices; and (5) that, as a result of the foregoing, Defendants’ statements about K12’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On October 27, 2015, Stanford’s Center for Research on Education Outcomes (“CREDO”) published a study regarding online charter schools, specifically mentioning K12. CREDO also published a press release in conjunction with the study, summarizing the results of the study. CREDO, in the press release, stated: “Innovative new research suggests that students of online charter schools had significantly weaker academic performance in math and reading, compared with their counterparts in conventional schools.” Multiple news organizations publicized the CREDO study.

On the same day, October 27, 2015, the Company issued a press release entitled “K12 Inc. Reports First Quarter Fiscal 2016 With Revenue of $221.2 Million.” Therein, the Company reported disappointing financial results including “[r]evenues of $221.2 million, compared to $236.7 million in the first quarter of FY 2015,” “EBITDA . . . of negative $3.9 million, compared to $3.7 million in the first quarter of FY 2015,” and an “[o]perating loss of $20.5 million, compared to an operating loss of $13.2 million in the first quarter of FY 2015.”

On this news, K12’s stock price fell $1.93 per share, or 15.8%, to close at $10.25 per share on October 27, 2015, on unusually heavy trading volume.

After the market closed on October 27, 2015, K12 filed its Form 10-Q with the SEC for the fiscal quarter ended September 30, 2015. Therein, the Company disclosed that it received a subpoena from the Attorney General of the State of California, Bureau of Children’s Justice in connection with an investigation styled “In the Matter of the Investigation of: ForProfit Virtual Schools.”

Though the market did not immediately react to the disclosure of the subpoena buried in the Company’s Form 10-Q, K12’s stock price slid a cumulative $0.54 per share, or 5.2%, over three days from a close of $10.25 per share on October 27, 2015, to a close of $9.71 per share on October 30, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
                    Robert S. Willoughby
                    Pomerantz LLP
                    rswilloughby@pomlaw.com


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