Grand Canyon Education, Inc. Securities Litigation
On or around 10/22/2020 (Date of last review)
Filing Date: May 12, 2020
According to the Complaint, Grand Canyon Education, Inc. is an education services company. The claims alleged in this case arise from Defendants' misrepresentations and omissions regarding Grand Canyon's spin-off of its education assets to become purported non-profit, independent entity Grand Canyon University ("GCU").
The Complaint alleges that during the Clas Period, the Company's statements were materially false and misleading because following the spin-off, (i) GCU was not a proper non-profit organization as it remained under the control of Grand Canyon, (ii) Grand Canyon was not a third-party service provider to GCU but rather continued to effectively operate the entity, (iii) Grand Canyon employees served as executives of GCU, and (iv) GCU functioned as an off-balance-sheet entity to which Grand Canyon was able to funnel expenses and costs in exchange for a disproportionate amount of revenue, thereby inflating Grand Canyon’s financial results.
On August 13, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated Complaint on October 20.
Company & Securities Information
Defendant: Grand Canyon Education, Inc.
Headquarters: United States
Ticker Symbol: LOPE
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.
First Identified Complaint
The City of Hialeah Employees' Retirement System, et al. v. Grand Canyon Education, Inc., et al.
COURT: D. Delaware
DOCKET #: 20-CV-00639
JUDGE: Hon.Maryellen Noreika
DATE FILED: 05/12/2020
CLASS PERIOD START: 01/05/2018
CLASS PERIOD END: 01/27/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bernstein Litowitz Berger & Grossmann LLP (New New York)
Klausner Kaufman Jensen & Levinson
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
Order Appointing Fire and Police Pension Association of Colorado, Oakland County Employees’ Retirement System, and Oakland County Voluntary Employees’ Beneficiary Association Trust as Lead Plaintiff, Approving their Selection of Lead Counsel, and Consolidating Related Actions
U.S. District Court Civil Docket
In re Grand Canyon Education, Inc. Securities Litigation