Case Page

 

Case Status:    SETTLED
On or around 03/27/2014 (Ongoing date of last review)

Filing Date: January 13, 2012

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.

COMPANY INFORMATION:

Sector: Services
Industry: Schools
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CECO
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: N.D. Illinois
DOCKET #: 12-CV-00276
JUDGE: Hon.Matthew F. Kennelly
DATE FILED: 01/13/2012
CLASS PERIOD START: 01/01/2009
CLASS PERIOD END: 11/01/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Sperling & Slater, P.C.
    55 West Monroe Street, Suite 3200, Sperling & Slater, P.C., IL 60603
    (312) 641-3200 ·
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 12-CV-00276
JUDGE: Hon.Matthew F. Kennelly
DATE FILED: 05/03/2012
CLASS PERIOD START: 02/19/2009
CLASS PERIOD END: 11/21/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
  2. Motley Rice LLC (Mount Pleasant)
    28 Bridgeside Boulevard, Motley Rice LLC (Mount Pleasant), SC 29464
    843.216.9000 843.216.9450 · inquiry@motleyrice.com
No Document Title Filing Date