Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of Corinthian Colleges, Inc. (“Corinthian Colleges” or the “Company”) (NASDAQ: COCO) between October 30, 2007 and August 19, 2010, inclusive (the “Class Period”), have five days until the November 1, 2010, deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit pending in the United States District Court for the Central District of California. A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email to email@example.com, or visit our website at http://www.glancylaw.com. The Complaint charges Corinthian Colleges and certain of the Company's executive officers with violations of federal securities laws. Corinthian Colleges is a post-secondary education company that offers various diploma programs, as well as undergraduate and graduate-level degrees in the United States and Canada. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Corinthian Colleges’ financial performance and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company overstated its growth prospects by engaging in illicit and improper recruiting activities, which also had the effect of artificially inflating the Company’s reported results and future growth prospects; (2) the Company's financial results were overstated in that the Company’s colleges inflated tuition costs and its student loan repayment rates were well below levels required for participation in federal loan programs; (3) the Company failed to maintain adequate systems of internal operational or financial controls; and (4) based on the foregoing, defendants lacked a basis for their positive statements about the Company, its prospects and growth.
On August 3, 2010, the U.S. General Accounting Office issued a report that concluded that for-profit educational institutions such as Corinthian Colleges had engaged in an illegal and fraudulent course of action designed to recruit students and overcharge the federal government for the cost of such education. Subsequently, a Congressional Committee launched an investigation of such practices, the U.S. Department of Education released data showing that the loan repayment rates for Corinthian Colleges enrollees were well below the level required for federal loan program eligibility, and the Company disclosed that its enrollee default rates had significantly increased, and continued to do so.As a result of this news, the price of Corinthian Colleges stock fell from $9.25 on August 3, 2010, to $4.49 on August 20, 2010. The Private Securities Litigation Reform Act of 1995 (“PSLRA”) requires the Court to appoint a “Lead Plaintiff” in this case. Any person or group who suffered a loss as a result of purchasing Corinthian Colleges securities between October 30, 2007 and August 19, 2010, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the November 1, 2010 deadline. Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing Corinthian Colleges shareholders in this litigation. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.