San Diego, CA -- (SBWIRE) -- 04/03/2012 -- A current investor in NYSE:LRN shares filed a lawsuit against members of the board of directors of K12 Inc. over alleged breaches of fiduciary duties in connection with certain statements and K12’s business practices.
Investors who purchased K12 Inc. (NYSE:LRN) shares in early 2011 or earlier and presently continue to hold those (or some of those) NYSE:LRN shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that a recent article brought questionable practices by K12 Inc to light and directors of K12, Inc breached their fiduciary duties which caused substantial damages to K12.
The lawsuit by a current investor follows an earlier lawsuit filed by certain NYSE:LRN investors against K12 Inc over alleged violations of Federal Securities Laws. The plaintiff in that lawsuit alleges that K12 Inc. violated Federal Securities Laws in connection with certain allegedly materially false and misleading statements made between September 9, 2009 and December 16, 2011.
On December 12, 2011, a media report entitled “Profits and Questions at Online Charter Schools” raised serious concerns about K12’s business practices, alleging that its schools inflate their student rosters, are underperforming academically, have detrimental student-to-teacher ratios and gain wrongful access to public funds. Then on December 13, 2011 K12 Inc responded in a statement to the article and said the article ‘is unfair and one-sided, and advances an anti-parent choice policy agenda’.
However, K12 Inc’s shares fell from $28.79 per share on December 12, 2011 to $20.57 per share on December 14, 2011.
In fact, since April 2011 NYSE: LRN stocks fell from almost $40 to as low as $17.25 per share in early January 2012.
NYSE: LRN shares closed on Friday, March 30, 2012 at $23.63 per share.
Those who purchased K12 Inc. (NYSE:LRN) shares as in early 2011 or earlier and presently continue to hold those (or some of those) NYSE:LRN shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego