Career Education Corporation is an American provider of for-profit post-secondary education programs. They offer online, campus-based and blended learning programs.

According to a press release dated January 19, 2012, the Complaint alleges that Defendants misrepresented or failed to disclose material adverse facts about the Company's business and financial condition.

Specifically, the Complaint alleges that: (i) Defendants represented that the Company’s retention rates and employment, or "placement" rates following graduation were higher than they actually were; (ii) Defendants failed to disclose that the Company's purported Placement rates were achieved through an improper course of conduct and a manipulative use of the term "employment"; (iii) the Company reported inflated placement rates to the Accrediting Counsel for Independent Colleges and Schools, the Accrediting Commission of Career Schools and Colleges, and its other accrediting agencies; and (iv), as a result of the foregoing, Defendants misrepresented the health and condition of the Company, in particular its ability to continue to receive Title IV Funding.

On October 30, 2012, the Court entered an Order granting Defendants' motion to dismiss with respect to one of the individual Defendants, but otherwise denied the motion.

On October 25, 2013, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on November 6th. On April 16, 2014, the Court granted final approval of the Settlement and entered Final Judgment. The Court issued an Order awarding Attorneys' Fees and Expenses on May 1.

On September 10, 2015, the Court issued an Order authorizing distribution of the net Settlement fund.