K12 Inc. is a publicly-traded for-profit, online education company headquartered in Herndon, Virginia.

According to the law firm press release, the Complaint filed in this lawsuit 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: (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 6, 2016, the Court issued an Order consolidating cases, appointing Lead Plaintiffs, and approving Lead Counsel. Lead Plaintiffs filed a consolidated complaint on December 2.

On August 30, 2017, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended Complaint, which they did on October 2.

On September 5, 2018, the parties reached an agreement in principle to settle all claims, subject to, among other items, definitive documentation and the Court’s approval. On November 26, the parties entered into a Stipulation and Agreement of Settlement. On February 13, 2019, the Court issued an Order granting preliminary approval of the Settlement. On July 10, the Court granted final approval of the Settlement and entered Final Judgment. On February 1, 2021, the Court issued an Order authorizing distribution from the Settlement fund.