The Law Firm of Lasky & Rifkind, Ltd. Announces
Class Action Lawsuit against Career Education Corporation
NEW YORK--(BUSINESS WIRE)--Dec. 15, 2003--Lasky & Rifkind, Ltd., a law firm with offices in New York and Chicago, announces that a lawsuit has been filed in the United States District Court for the Northern District of Illinois, on behalf of persons who purchased or otherwise acquired publicly traded securities of Career Education Corporation(
NASDAQ-NMS:CECO) ("Career Education" or the "Company") (
NASDAQ:CECO) between January 28, 2003 and December 2, 2003, inclusive, (the "Class Period"). The lawsuit was filed against Career Education and John M. Larson, and Patrick K. Pesch.
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at
investorrelations@laskyrifkind.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than February 9, 2004 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically the complaint alleges that the defendants' statements were materially false and misleading because they failed to disclose and or misrepresented that the company's strong financial growth was a product of inflated student records, that student records were falsified in order to show a higher rate of enrollment, retention and graduation, and that the Company forced its employees to falsify such records.
The true facts concerning the company's record growth began to emerge on November 11, 2003, when the Record, A Bergen County New Jersey newspaper, reported that a former director of Gibbs College, a school owned by the defendants, had filed a lawsuit against the company. The former director accused the defendants of falsifying student records to show higher enrollment. On this news shares of Career Education fell more than 13% or $7.10 to $45.18. Then on December 3, 2003, The Santa Barbara News-Press reported that another former employee at a school owned by the defendants had filed another lawsuit alleging that defendants falsified student records. On news of this, shares of Career Education fell nearly 28% or $15.28 per share to close at $39.48 on December 3, 2003.
If you bought Career Education securities between January 28, 2003 and December 2, 2003, inclusive, and would like to obtain information about the lawsuit, then you are invited to
call (800) 495-1868 to speak with an advisor.
CONTACT: The Law Firm of Lasky & Rifkind, Ltd.
Leigh Lasky, Esq. 800-495-1868
SOURCE: The Law Firm of Lasky & Rifkind, Ltd.
US Class Action Lawsuits
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