Case Page

 

Case Status:    DISMISSED    
On or around 05/04/2006 (Date of order of final judgment)

Filing Date: July 08, 2004

According to a press release dated April 25, 2006, Corinthian Colleges, Inc. announced that the United States District Court for the Central District of California has granted the Company's motion to dismiss the third amended federal securities class action complaint. The complaint was dismissed with prejudice and will not be heard again by the district court. The plaintiff has the right to appeal the decision to an appellate court.

As summarized by the Company’s FORM 10-Q For The Quarterly Period Ended December 31, 2005, from July 8, 2004 through August 31, 2004, various putative class action lawsuits were filed in the United States District Court for the Central District of California by certain alleged purchasers of the Company’s common stock against the Company and certain of its current and former executive officers. On November 5, 2004, a lead plaintiff was chosen and these cases are now consolidated into one action. A first consolidated amended complaint was filed in February 2005. On September 6, 2005, the court granted the Company’s motion to dismiss, without prejudice. On October 3, 2005, the lead plaintiff filed a second consolidated amended complaint. On January 23, 2006, the court granted the Company’s motion to dismiss with respect to the plaintiff’s second consolidated amended complaint, without prejudice.

The original Complaint alleges that Corinthian, and certain of its officers and directors issued materially false statements. Specifically, Corinthian knew but failed to disclose: (i) that Corinthian manipulated financial aid documents to boost loan amounts available to students, thereby fraudulently receiving additional funds from the federal government; (ii) that Corinthian used the fraudulently obtained funds to boost its revenues and stock price; and (iii) that as result of the illegal practices, Corinthian's earning and net income were materially inflated and in violation of Generally Accepted Accounting Principles ('GAAP').

The complaint further alleges that on or around June 24, 2004, Corinthian announced that a division of the US Department of Education ('USDE') had uncovered violations in obtaining federal loans at Corinthian's Bryman College campus, in San Jose, California. As a result, USDE revoked the school's ability to receive advance payments on its student loans. On this news, shares of Corinthian fell $2.55 or 10.18% to close at $22.51 on June 24, 2004.

COMPANY INFORMATION:

Sector: Services
Industry: Schools
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: COCO
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 04-CV-5025
JUDGE: Hon. Manuel L. Real
DATE FILED: 07/08/2004
CLASS PERIOD START: 08/27/2003
CLASS PERIOD END: 06/23/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  2. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  3. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  4. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles)
    355 S. Grand Avenue, Suite 4170, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles), CA 90071
    213.617.9007 213.617.9185 · info@lerachlaw.com
  5. Lim, Ruger & Kim, LLP
    1055 West Seventh Street, Suite 2800, Lim, Ruger & Kim, LLP, CA 90017
    213-955-9500 213-955-9511 · info@lrklawyers.com
  6. Milberg Weiss Bershad & Schulman LLP
    355 South Grand Avenue, Suite 4170, Milberg Weiss Bershad & Schulman LLP , CA 90071
    213.617.9007 213.617.9185 · info@milbergweiss.com
  7. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  8. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  9. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  10. Weiss & Yourman (Los Angeles, CA)
    10940 Wilshire Blvd - 24th Floor, Weiss & Yourman (Los Angeles, CA), CA 90024
    310.208.2800 310.209.2348 · info@wyca.com
  11. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 04-CV-5025
JUDGE: Hon. Manuel L. Real
DATE FILED: 02/06/2006
CLASS PERIOD START: 08/27/2003
CLASS PERIOD END: 06/23/2004
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles)
    355 S. Grand Avenue, Suite 4170, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Los Angeles), CA 90071
    213.617.9007 213.617.9185 · info@lerachlaw.com
  3. Lim, Ruger & Kim, LLP
    1055 West Seventh Street, Suite 2800, Lim, Ruger & Kim, LLP, CA 90017
    213-955-9500 213-955-9511 · info@lrklawyers.com
  4. Milberg Weiss Bershad & Schulman LLP
    355 South Grand Avenue, Suite 4170, Milberg Weiss Bershad & Schulman LLP , CA 90071
    213.617.9007 213.617.9185 · info@milbergweiss.com
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  6. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
No Document Title Filing Date