NEW YORK, Feb. 4, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of K12, Inc. ("K12" or the "Company")(NYSE: LRN). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether K12 and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 8, 2013, K12 announced that, its growth prospects were limited and impeded by the Company's failure to timely invest in promotional efforts to enroll new students in fiscal 2014. As the Company disclosed, K12's "own promotional program started later than it should have, and drove more applications later in the summer" when it was too late to convert them into student enrollments. In addition, K12's growth prospects were hampered by the Company's failure to conform to legal and regulatory requirements affecting student enrollment in fiscal 2014.
Additionally, K12 filed a Form 8-K with the Securities and Exchange Commission ("SEC"), which included a press release disclosing that K12's actual fiscal 2014 revenue guidance was $905-$925 million, lower than expected estimates of $986.8 million.
On this news, shares of K12 fell $10.99 per share to $17.60, or more than 38.44%, on October 9, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP
