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 a purported non-profit, independent entity Grand Canyon University ("GCU").

The Complaint alleges that during the Class 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. All future docketing was ordered to be done in the lead case 20-CV-00639.

Lead Plaintiffs filed a consolidated Complaint on October 20, 2020. Defendants filed a Motion to Dismiss the consolidated Complaint on December 21. On August 23, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Lead Plaintiffs filed a second amended consolidated Complaint on January 21, 2022. Defendants filed a Motion to Dismiss the second amended consolidated Complaint on March 15. On March 28, 2023, the Court issued an Order denying Defendants' Motion to Dismiss.

On September 28, 2021, Lead Plaintiffs filed an amended consolidated Complaint.

On March 25, 2024, the parties entered into a Stipulation and Agreement of Settlement.