According to the Complaint, K12, Inc. is a technology-based education company that provides proprietary and third-party educational curriculum, teacher training, administrative support, information technology support, software systems and educational services. The Company operates virtual learning systems worldwide.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors that: (i) K12 lacked the technological capabilities, infrastructures, and expertise to support the increased demand for virtual and blended education necessitated by the global pandemic; (ii) K12 lacked adequate cyberattack protocols and protections to prevent the disabling of its computer system; (iii) K12 was unable provide the necessary levels of administrative support and training to teachers, students, and parents; and (iv) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s business, operations, and prospects and/or lacked a reasonable basis and omitted facts.

On February 17, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 20-CV-01419.

Lead Plaintiff filed a consolidated amended Complaint on April 5, 2021. Defendants filed a Motion to Dismiss the consolidated amended Complaint on May 20. On September 16, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff indicated that they did not intend to amend the Complaint, and on November 1, the Court dismissed the case with prejudice.

On December 1, 2021, Lead Plaintiff filed a notice appealing the Court's Dismissal Order. The Court of Appeals affirmed the District Court's Dismissal Order on November 22, 2022.