LOS ANGELES, Aug. 10, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Corinthian Colleges, Inc. ("Corinthian" or the "Company")(Nasdaq:COCO) between August 27, 2003 and June 23, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Corinthian and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Corinthian's operations artificially inflated the Company's stock price, inflicting damages on investors. Corinthian is a for-profit, post-secondary education company which operates schools, colleges and training centers in the United States and Canada. Plaintiff alleges the Company failed to disclose and misrepresented material adverse facts which defendants knew or recklessly disregarded, including that: (1) the Company manipulated financial aid documents to boost loan amounts available to students, thereby fraudulently receiving additional federal funds; (2) the Company used the fraudulently obtained funds to boost its revenues and stock price; (3) the Company lacked adequate internal controls; and (4) as result of the illegal practices, Corinthian's earnings and net income were materially inflated and in violation of Generally Accepted Accounting Principles.
On June 24, 2004, Corinthian announced that a division of the U.S. Department of Education ("USDE") had uncovered violations in obtaining federal loans at Corinthian's Bryman College campus, in San Jose, California. Consequently, USDE revoked the school's ability to receive advance payments on its student loans. This news shocked the market, sending Corinthian shares plummeting $2.55 or 10.18 percent, to close that day at $22.51.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than September 6, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca