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Lawsuit filed for Investors in shares of Grand Canyon Education, Inc. (NASDAQ: LOPE)

05-19-2020 09:15 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Grand Canyon Education, Inc. (NASDAQ: LOPE) shares over alleged securities laws viol

A lawsuit was filed on behalf of investors in Grand Canyon Education, Inc. (NASDAQ: LOPE) shares over alleged securities laws viol

An investor, who purchased shares of Grand Canyon Education, Inc. (NASDAQ: LOPE), filed a lawsuit over alleged violations of Federal Securities Laws by Grand Canyon Education, Inc.

Investors who purchased shares of Grand Canyon Education, Inc. (NASDAQ: LOPE) have certain options and for certain investors are short and strict deadlines running. Deadline: July 13, 2020. NASDAQ: LOPE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Phoenix, AZ based Grand Canyon Education, Inc. provides education services in the United States.

On September 9, 2019, a known short seller published a report examining Grand Canyon's financials and concluding that the Company "is stuffing GCU with expenses to inflate its own profitability and as a result bankrupting GCU."

On November 6, 2019, Grand Canyon Education, Inc announced that it had received a letter from the U.S. Department of Education ("DOE") denying its application for designation of GCU as a non-profit. That denial was based on the DOE's finding that GCU was Grand Canyon's "captive client" and GCU "is not the entity actually operating [GCU]" (emphasis in the original).

On January 28, 2020, a report was published entitled "The Educational Enron" wherein a series of alarming red flags about Grand Canyon Education, Inc ("GCU") were detailed. Specifically, the report stated that "GCU has become a vehicle for the LOPE executives to commit securities fraud and obfuscate the true financials of Grand Canyon Education." The report further stated, "LOPE is in clear violation of SEC rule 10b-5 as they use the private university to dump expenses and liabilities, while receiving a disproportionate amount of revenue at inflated margins in order to artificially inflate the stock price."

Shares of Grand Canyon Education, Inc. (NASDAQ: LOPE) declined from $132.12 per share in August 2019 to as low as $77.81 per share on January 31, 2020.

On February 4, 2020, NASDAQ: LOPE shares closed at $76.97 per share.

The plaintiff claims that between January 5, 2018, and January 27, 2020, the Defendants inflated Grand Canyon's financial results by using GCU as an off-balance-sheet entity to which Grand Canyon was able to funnel expenses and costs in exchange for a disproportionate amount of revenue, that the Defendants repeatedly made false and misleading statements to investors describing GCU as a "non-profit" and "independent" institution and misstating Grand Canyon's role as a third-party provider of education services, and that as a result of Defendants' misrepresentations, shares of Grand Canyon's common stock traded at artificially inflated prices between January 5, 2018, and January 27, 2020.

Those who purchased shares of Grand Canyon Education, Inc. (NASDAQ: LOPE) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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