The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of K12 Inc. (NYSE: LRN) who purchased shares between April 27, 2020 and September 18, 2020. The action, which was filed in the United States District Court for the Eastern District of Virginia, alleges that the Company violated federal securities laws.
In particular, the K12 lawsuit alleges that (i) K12 lacked the technological capabilities, infrastructures, and expertise to support the increased demand for virtual and blended education necessitated by the global pandemic; (ii) K12 lacked adequate cyberattack protocols and protections to prevent the disabling of its computer system; (iii) K12 was unable provide the necessary levels of administrative support and training to teachers, students, and parents; and (iv) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s business, operations, and prospects and/or lacked a reasonable basis and omitted facts.
Shareholders have until January 19, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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