A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Settlement in the Education Management Corporation (NASDAQ: EDMC) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on March 18, 2016 and NASDAQ: EDMC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/18/2016 -- The Shareholders Foundation announced that a deadline is coming up on March 18, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Education Management Corporation (NASDAQ: EDMC)between August 8, 2012 and September 16, 2014.
Investors who purchased a significant amount of shares of Education Management Corporation (NASDAQ: EDMC) between August 8, 2012 and September 16, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Education Management Corporation (NASDAQ: EDMC) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/education-management-corporation-nasdaq-edmc-investor-securities-class-action-lawsuit-09192014
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is March 18, 2016. The class action administrator for this case is Education Management Securities Litigation.
The lawsuit was originally filed in the U.S. District Court for the Western District of Pennsylvania over alleged violations of Federal Securities Laws by Education Management Corporation in connection with certain allegedly false and misleading statements made between August 8, 2012 and September 16, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of Education Management Corporation (NASDAQ: EDMC) common shares between August 8, 2012 and September 16, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Education Management Corporation was overstating revenue by not properly increasing its bad debt reserve upon student withdrawals, that Education Management Corporation was overstating goodwill, that Education Management Corporation manipulated federal student loan and grant programs in order to appear to be in compliance with new federal regulations enacted in June 2011, that Education Management Corporation's predatory and deceptive recruiting and enrollment practices violated federal regulations enacted beginning in June 2011, and that as a result of the foregoing, Education Management Corporation's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Education Management Corporation (NASDAQ: EDMC) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com