San Diego, CA -- (SBWire) -- 07/23/2013 --An investigation on behalf of investors, who purchased their NASDAQ:COCO shares in 2011 or earlier and currently hold any of those NASDAQ:COCO shares, was announced concerning whether certain directors and officers of Corinthian Colleges Inc breached their fiduciary duties in connection certain allegedly statements that were made between August 23, 2011 and June 10, 2013.
Investors who are current long term investors in Corinthian Colleges Inc (NASDAQ:COCO) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Corinthian Colleges Inc (NASDAQ:COCO) stocks follows a lawsuit filed against Corinthian Colleges Inc over alleged securities laws violations. The investigation on behalf of current long term investors in Corinthian Colleges Inc (NASDAQ:COCO) stocks concerns whether certain Corinthian Colleges officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that Corinthian Colleges Inc violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff alleges that the defendants made allegedly false and/or misleading statements and/or failed to disclose that defendants allegedly manipulated federal student loan and grant programs in order to appear to be in compliance with new federal regulations enacted in June 2011, that defendants' predatory and deceptive recruiting and enrollment practices violated federal regulations enacted beginning in June 2011, and that Corinthian Colleges Inc engaged in systemic grade falsification at the Company's campuses in order to appear to be in conformance with the new regulations enacted beginning in 2011.
On June 10, 2013, Corinthian Colleges Inc announced that on June 6, 2013, it received a subpoena from the Securities and Exchange Commission (“SEC”). Corinthian Colleges Inc said that in a letter accompanying the subpoena, the SEC stated that it is conducting an investigation of the Company. Corinthian Colleges Inc further stated that the SEC’s subpoena requests the production of documents and communications that, among other things, relate to student information in the areas of recruitment, attendance, completion, placement, defaults on federal loans and on alternative loans, as well as compliance with U.S. Department of Education financial requirements, standards and ratios (including the effect of certain borrowings under the Company’s credit facility on the Company’s composite score, and 90/10 compliance), and other corporate, operational, financial and accounting matters.
On July 22, 2013, NASDAQ:COCO shares closed at $2.54 per share.
Those who purchased shares of Corinthian Colleges Inc (NASDAQ:COCO), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Corinthian Colleges Inc (NASDAQ:COCO) Long Term Investor Alert: Investigation
An investigation on behalf of current long term investors in Corinthian Colleges Inc (NASDAQ:COCO) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:COCO stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com