SAN FRANCISCO (Legal Newsline) — A common stock holder is suing technology-based education providers, alleging misrepresentations and/or omissions of material facts.
Gil Tuinenburg filed a class action complaint, individually and on behalf of all others similarly situated, Sept. 15 in U.S. District Court for the Northern District of California against K12 Inc., Ronald J. Packard, Nathaniel A. Davis and James J. Rhyu, alleging violation of the 1934 Securities and Exchange Act.
According to the complaint, Tuinenburg suffered significant financial losses and damages for purchasing the company’s securities at artificially inflated prices. The plaintiff alleges the defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects, and misled the investing public by inflating the price of the company's securities.
Tuinenburg seeks trial by jury, an order determining this as a proper class action, compensatory damages, plus interest, court costs and expenses and all other relief the court deems just. He is represented by attorneys Avi Wagner of The Wagner Law Firm in Los Angeles, and by Todd H. Henderson of Bragar Eagel & Squire PC in New York.
U.S. District Court for the Northern District of California Case number 3:16-cv-05305