Replies to post #404 on Infotopia (fka IFTA)

[thepennyking]

GLRS Files Class Action Lawsuit against Career Education Corporation

NEW YORK (BUSINESS WIRE) – December 22, 2003 - Goodkind Labaton Rudoff & Sucharow LLP filed a class action lawsuit on December 18, 2003 in the United States District Court for the Northern District of Illinois, on behalf of persons who purchased or otherwise acquired publicly traded securities of Career Education Corporation ("Career Education" or the "Company") (NASDAQ: CECO) between April 22, 2003 and December 2, 2003, inclusive, (the "Class Period"). The lawsuit was filed against Career Education and John M. Larson, and Patrick K. Pesch.

If you are a member of this class you can view a copy of the complaint and join this class action online.

The complaint alleges that Defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically the complaint alleges that the defendants’ statements were materially false and misleading because they failed to disclose and or misrepresented that the company’s strong financial growth was a product of inflated student records, that student records were falsified in order to show a higher rate of enrollment, retention and graduation, and that the Company forced its employees to falsify such records.

The true facts concerning the company’s record growth began to emerge on November 11, 2003, when the Record, A Bergen County New Jersey newspaper, reported that a former director of Gibbs College, a school owned by the defendants, had filed a lawsuit against the company. The former director accused the defendants of falsifying student records to show higher enrollment. On this news shares of Career Education fell more than 13% or $7.10 to $45.18. Then on December 3, 2003, The Santa Barbara News-Press reported that another former employee at a school owned by the defendants had filed another lawsuit alleging that defendants falsified student records. On news of this, shares of Career Education fell nearly 28% or $15.28 per share to close at $39.48 on December 3, 2003.

Plaintiffs are represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP of New York, New York and Ft. Lauderdale, Florida. Goodkind Labaton is a pioneer in the field of investor protection, with forty years experience litigating securities class actions in courts throughout the country. Goodkind Labaton has over 50 attorneys in two offices and maintains an in-house staff of finance and accounting specialists. Goodkind Labaton also has extensive trial experience and, most recently, concluded a class action trial resulting in a landmark $185 million verdict for the plaintiff class.

If you bought Career Education securities between April 22, 2003 and December 2, 2003, inclusive, you may qualify to serve as Lead Plaintiff. Lead Plaintiff papers must be filed with the court no later than February 9, 2004. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact one of our representatives at [e-mail] or Christopher Keller, Esq. at 800-321-0476.


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CONTACTS

Jonathan M. Plasse
Attorney
Goodkind Labaton Rudoff & Sucharow LLP
100 Park Avenue
12th Floor
NewYork, NY 10017-5563
[e-mail]
[phone]
[phone] fax


Christopher J. Keller
Attorney
Goodkind Labaton Rudoff & Sucharow LLP
100 Park Avenue
12th Floor
NewYork, NY 10017-5563
[e-mail]
[phone]
[phone] fax