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Grand Canyon Education, Inc. (NasdaqGS: LOPE)

Grand Canyon Education, Inc. (NasdaqGS: LOPE)

Company Name: Grand Canyon Education, Inc.
Stock Symbol: NASDAQGS: LOPE
Class Period Start: 01/05/2018
Class Period End (inclusive): 01/27/2020
Filing Deadline: 07/13/2020
Court: District of Delaware

Case Details

Barbuto & Johansson, P.A., reminds investors that they have until July 13, 2020 to file lead plaintiff applications in a securities class action lawsuit against Grand Canyon Education, Inc. (NasdaqGS: LOPE). Grand Canyon and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. The Class Action, The City of Hialeah Employees’ Retirement System v. Grand Canyon Education, Inc., et al., Case No.: 1:20-cv-00639, was filed in the US District Court for the District of Delaware on behalf of shareholders seeking damages for alleged violations of federal securities laws.  Specifically, the lawsuit involves the Company’s July 2018 spin-off of its education assets through a sale to purported non-profit entity, Grand Canyon University (“GCU”), whereby GCU would operate as a separate, non-profit entity.  It is alleged, however, that in reality, GCU functioned as an off-balance-sheet entity to which the Company was able to funnel expenses and costs in exchange for a disproportionate amount of revenue, thereby inflating the Company’s financial results. On January 28, 2020, Citron Research published a report concluding that the Company is the “educational Enron,” using a “captive non-reporting subsidiary” to “dump expenses and liabilities, while receiving a disproportionate amount of revenue at inflated margins in order to artificially inflate the stock price.” On this news, the price of Grand Canyon’s shares declined further, injuring investors. If you purchased shares of Grand Canyon and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact Barbuto & Johansson, P.A.'s Managing Partner, Anthony Barbuto, toll-free at (888) 715-2520, or via email at anthony@barjolaw.com or fill out the form on this page. A copy of the Complaint can be seen here: GrandCanyonClassAction.