STEVENSON, Md., June 24, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Corinthian Colleges, Inc. ("Corinthian" or the "Company") (Nasdaq:COCO) securities during the period between August 23, 2011 and June 10, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Corinthian Colleges, Inc. securities purchased on or after August 23, 2011, and held through any of the revelations of negative information on July 30, 2012, and/or June 10, 2013, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 19, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that defendants' predatory and deceptive recruiting and enrollment practices, including systemic grade falsification at the Company's campuses, violated federal regulations enacted in June 2011. According to the complaint, following the July 30, 2012 publication of the Harkin Report, a two-year investigation of the for-profit college industry, which contained troubling statistics and findings and which specifically mentioned Corinthian and the Company's June 10, 2013 disclosure that the U.S. Securities and Exchange Commission was conducting an investigation of the Company and had requested documents related to student recruitment, attendance, completion, placement, defaults on loans, and other corporate and financial matters, the value of Corinthian shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation