SAN FRANCISCO, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in Grand Canyon Education, Inc. (LOPE) who have suffered significant losses to submit their losses now. The firm is actively investigating whether the Company and senior executives violated federal securities laws, and certain investors may have valuable claims.
Grand Canyon Education, Inc. (LOPE) Investigation:
The investigation centers on whether LOPE’s financial reporting misled investors, including its accounting and disclosures with respect to related entities.
On Sept. 9, 2019, Citron Research published a report entitled, “Structural Change Without Legacy Customers Has (LOPE) Falling off a Cliff,” accusing LOPE of moving costs to an off-balance sheet subsidiary to inflate the Company’s profitability. This news drove the price of LOPE shares sharply lower that day.
Then, on Jan. 28, 2020, Citron published another scathing report about the Company entitled, “The Educational Enron; The Multiple Smoking Guns that Prove LOPE is Using a Captive Subsidiary to Manipulate Earnings.” Likening LOPE to Enron, the research firm accused LOPE of “using Grand Canyon University as a liability dumping ground/cookie jar in order to manipulate earnings and cover up for the headwinds they face due to a challenging environment in for-profit online education.” This news drove the price of LOPE shares sharply lower during intraday trading on Jan. 28, 2020.
“We’re focused on investors’ losses and whether LOPE secretly dumped costs on Grand Canyon to appear more profitable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of LOPE and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding LOPE should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email LOPE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895