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Case Status:    DISMISSED    
On or around 09/06/2011 (Court's order of dismissal)

Filing Date: August 13, 2010

According to a press release dated August 16, 2010, in particular, the Complaint alleges that despite extensive positive statements by defendants in press releases and SEC filings during the Class Period regarding the Company's operational performance and future growth projections, including predictable revenue growth of between 13% and 15% for 2010, these statements were false because: (1) defendants had propped up the Company's results by fraudulently inducing students to enroll in LINC's scholastic and educational programs and engaged in other manipulative recruiting tactics; (2) defendants had materially overstated the Company's growth prospects by failing to properly disclose that defendants had engaged in illicit and improper recruiting activities, which also had the effect of artificially inflating the Company's reported results and future growth prospects; and (3) LINC did not maintain adequate systems of internal operational or financial controls, which would have permitted LINC's reported operational statements and foreseeable growth prospects to be true, accurate or reliable.

It was only on August 5, 2010 that investors finally began to learn the truth about LINC after the United States General Accounting Office ("GAO") issued a report that concluded that for-profit educational institutions like LINC had engaged in an illegal and fraudulent course of action designed to recruit students and over-charge the federal government for the cost of such education. Following these disclosures, shares of the Company collapsed --falling over $4.30, or 20% in a single trading day, on unusually high trading volume.

By the Order signed by Judge Stanley R. Chesler on November 24, 2001, related actions 10-4926 and 10-4160 are consolidated for all purposes under Master File No. 10cv4160. Richard Arons is appointed as Lead Plaintiff and Bernstein Liebhard LLP is approved as Lead Counsel. A Consolidated Amended Class Action Complaint was filed on February 14, 2011.

According to the Order entered on September 6, 2011, the defendants' motion to dismiss the Consolidated Amended Class Action Complaint is granted, and it is further ordered that the Consolidated Amended Class Action Complaint be dismissed pursuant to Federal Rule of Civil Procedure 12(b)(6).

COMPANY INFORMATION:

Sector: Services
Industry: Schools
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LINC
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: D. New Jersey
DOCKET #: 10-CV-04160
JUDGE: Hon. Stanley R. Chesler
DATE FILED: 08/13/2010
CLASS PERIOD START: 03/03/2010
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Davis, Saperstein & Salomon, P.C.
    375 Cedar Lane, Davis, Saperstein & Salomon, P.C., NJ 07666
    (201) 907-5000 (201) 692-0444 ·
  2. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  3. Kahn Swick & Foti, LLC Former New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC Former New York), NY 10110
    212.696.3730 504.455-1498 ·
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 10-CV-04160
JUDGE: Hon. Stanley R. Chesler
DATE FILED: 02/14/2011
CLASS PERIOD START: 03/03/2010
CLASS PERIOD END: 08/04/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard LLP (New York)
    10 East 40th Street, 22nd Floor, Bernstein Liebhard LLP (New York), NY 10016
    212.779.1414 212.779.1414 ·
No Document Title Filing Date