The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Delaware on behalf of investors who purchased Grand Canyon Education, Inc. (NASDAQ: LOPE) securities between January 5, 2018 and January 27, 2020.
According to the Grand Canyon lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that, following Grand Canyon’s spin-off of its educational assets as Grand Canyon University (“GCU”): (i) GCU would not be a proper non-profit organization as it would remain under the control of Grand Canyon, and (ii) Grand Canyon would not be a third-party service provider to GCU but rather would continue to effectively operate the entity, and (iii) Grand Canyon employees served as executives of GCU and (iv) GCU functioned as an off-balance-sheet entity to which Grand Canyon would be able to funnel expenses and costs in exchange for a disproportionate amount of revenue, thereby inflating Grand Canyon’s financial results.
If you suffered a loss in Grand Canyon you have until July 13, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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