Grand Canyon Education, Inc. Securities Litigation

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Lawsuit Overview

Defendant:Grand Canyon Education, Inc.
Date Filed:May 12th, 2020
Sector:Consumer Services
Industry:Other Consumer Services
Class Start Date:January 5th, 2018
Class End Date:January 27th, 2020

According to the Complaint, Grand Canyon Education, Inc. is an education services company. The claims alleged in this case arise from Defendants' misrepresentations and omissions regarding Grand Canyon's spin-off of its education assets to become purported non-profit, independent entity Grand Canyon University ("GCU").

The Complaint alleges that during the Clas Period, the Company's statements were materially false and misleading because following the spin-off, (i) GCU was not a proper non-profit organization as it remained under the control of Grand Canyon, (ii) Grand Canyon was not a third-party service provider to GCU but rather continued to effectively operate the entity, (iii) Grand Canyon employees served as executives of GCU, and (iv) GCU functioned 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, thereby inflating Grand Canyon's financial results.

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First Identified Complaint

The City of Hialeah Employees' Retirement System, et al. v. Grand Canyon Education, Inc., et al.

Date Filed:May 12th, 2020
Class Period Start:January 5th, 2018
Class Period End:January 27th, 2020
First Identified Complaint Filings
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