WELLINGTON, Fla., June 08, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) reminds shareholders of GRAND CANYON EDUCATION, INC. (NASDAQGS: LOPE) (the “Company”) of the upcoming July 13, 2020 deadline to petition the court for lead plaintiff in the pending Class Action lawsuit. Investors who purchased shares of the Company between January 5, 2018 and January 27, 2020, inclusive (the “Class Period”), are encouraged to contact the Firm to learn more about their rights as class members and petitioning the court for lead appointment.
The Class Action, The City of Hialeah Employees’ Retirement System v. Grand Canyon Education, Inc., et al., Case No.: 1:20-cv-00639, was filed in the US District Court for the District of Delaware on behalf of shareholders seeking damages for alleged violations of federal securities laws. Specifically, the lawsuit involves the Company’s July 2018 spin-off of its education assets through a sale to purported non-profit entity, Grand Canyon University (“GCU”), whereby GCU would operate as a separate, non-profit entity. It is alleged, however, that in reality, GCU functioned as an off-balance-sheet entity to which the Company was able to funnel expenses and costs in exchange for a disproportionate amount of revenue, thereby inflating the Company’s financial results.
On January 28, 2020, Citron Research published a report concluding that the Company is the “educational Enron,” using a “captive non-reporting subsidiary” to “dump expenses and liabilities, while receiving a disproportionate amount of revenue at inflated margins in order to artificially inflate the stock price.” The stock dropped as much as over 40 percent during the class period.
If you purchased shares of GRAND CANYON EDUCATION, INC. during the Class Period and would like to discuss this case, you may, without obligation or cost, contact attorney Anthony Barbuto, at (888) 715-2520 or via email at anthony@barjolaw.com; and/or attorney Neil Rothstein via email at neil@barjolaw.com. Shareholders can also visit the Firm’s website at: https://barjolaw.com/case/lope to fill out the Class Action Inquiry Form.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com