NEW YORK, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against 2U, Inc. (“2U” or the “Company”) (TWOU) in the United States District Court for the Southern District of New York on behalf of those who purchased or acquired the securities of 2U between February 25, 2019 and July 30, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company faced increasing competition in online education and particularly regarding graduate programs; (2) the Company faced certain program-specific issues that negatively impacted its performance; (3) as a result, the Company's business model was not sustainable; (4) the Company would slow its program launches; and (5) as a result, 2U’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the October 7, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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