LRN Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against K12, Inc. (LRN); Lead Plaintiff Deadline is January 19, 2021

Philadelphia, Pennsylvania--(Newsfile Corp. - December 10, 2020) - Berger Montague is investigating potential securities fraud claims against K12, Inc. (NYSE: LRN) ("K12" or the "Company") on behalf of investors who purchased K12 securities between April 27, 2020 and September 18, 2020 (the "Class Period").

If you purchased K12 securities during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Donnell Much at dmuch@bm.net or (215) 875-4667, or contact us at www.bergermontague.com/k12.

According to a recently filed lawsuit, K12 and its senior management misrepresented the Company's operational capabilities during the Class Period. Specifically, Defendants failed to disclose that: (1) K12 lacked the technological capability, infrastructure, and expertise to support the increased demand for its services triggered by the COVID-19 pandemic; (2) K12 lacked adequate cyberattack protocols and protections; and (3) K12 was unable to provide the necessary levels of administrative support and training to teachers, students, and parents.

The complaint alleges that investors first learned of the true state of K12's business on August 26, 2020, when reports emerged that K12's training for teachers in Miami-Dade County Public Schools had been woefully inadequate and that the teachers were unprepared to begin the school year. On this news, K12's shares fell by 7% over the next two trading days. On August 31, 2020, when classes in Miami-Dade County commenced, K12's platform experienced major technical issues and a series of cyberattacks, and the district superintendent announced that it was suspending the $15.3 million contract with K12. On this news, the price of K12 shares fell by 10.5% over the next two trading days.

On September 10, 2020, the Miami-Dade County school board voted to terminate its contract with K12, causing shares to fall 11.5% to a closing price of $30.55 on September 10, 2020. Finally, on September 17, 2020, the school board in Beaufort County, South Carolina also suspended its contract with K12. Collectively, these revelations caused the price of K12 shares to plummet $15.27 - or 35% - from $43.57 per share on August 25, 2020 to $28.30 per share on September 17, 2020.

If you purchased K12 securities during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is January 19, 2021. You do not need to be a lead plaintiff to share in any potential Class recovery.

Whistleblowers: Persons with non-public information regarding K12 are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.

Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.

Contacts

Andrew Abramowitz
Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net

Donnell Much
Associate
Berger Montague
(215) 875-4667
dmuch@bm.net

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69902