Corinthian Securities Litigation
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Welcome to the Corinthian Securities Litigation Website

This website has been established to provide general information related to the proposed settlement ("Settlement") of the action captioned Jimmy Elias Karam v. Corinthian Colleges, Inc. et al., No. 2:10-cv-06523-RGK (PJWx) (the "Litigation"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated May 9, 2017, which can be found and downloaded by clicking on the Case Documents tab above.

This Litigation is currently pending in the United States District Court, Central District of California, Western Division (the “Court”). The entities that lead the Litigation, Wyoming Retirement System and Stichting Pensioenfonds Metaal en Techniek, are called the Lead Plaintiffs and the individuals they sued are called the Defendants.  The Court appointed the law firm of Robbins Geller Rudman & Dowd LLP as Lead Counsel.

This Litigation alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by misrepresenting and omitting material facts about Corinthian Colleges, Inc.’s ("Corinthian" or the "Company") business, including Defendants’ ongoing manipulation of federal student loan and grant programs, predatory and deceptive recruiting and enrollment practices and systemic grade falsification at the Company’s Everest-brand campuses. Lead Plaintiffs allege that when the truth emerged about the Company’s practices, Class Members suffered damages as a result of the decline in the price of Corinthian common stock.

Defendants deny all of Lead Plaintiffs’ allegations, including that they made any material misrepresentations or omissions or that the Lead Plaintiffs or the Class Members were harmed by the conduct alleged in the Litigation. Defendants further deny that they did anything wrong and maintain that their conduct was at all times proper and in compliance with applicable provisions of law.

Lead Plaintiffs believe that the proposed Settlement is a very good recovery and is in the best interests of the Class. The proposed Settlement creates a fund in the amount of $2,250,000.00 in cash (the "Settlement Fund"). The Settlement Fund, plus interest earned from the date it is established, less costs, fees, and expenses (the “Net Settlement Fund”), will be divided among all eligible Class Members who send in valid Proofs of Claim. Costs, fees, and expenses include Court-approved attorneys’ fees and expenses, the costs of notifying Class Members, including the costs of printing and mailing the Notice and the cost of publishing newspaper notice, the costs of claims administration, and Taxes on the Settlement Fund.

The Class includes all Persons who purchased or otherwise acquired Corinthian common stock between October 30, 2007 and August 19, 2010, inclusive. Excluded from the Class are all Defendants, their families or any trust of which any Defendant is the settlor or which is for the benefit of any Defendant’s family.

Although the information in this website is intended to assist you, it does not replace the information contained in the relevant case documents found on the Case Documents tab above. We recommend that you read the relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

Submit a Proof of Claim If you are a Class Member and do not exclude yourself from the Class, the only way to get a payment is to submit a Proof of Claim. You may submit a Proof of Claim and still object to any aspect of the Settlement, the request for an award of attorneys’ fees and expenses, and/or the Plan of Allocation. If you submit a Proof of Claim, you give up your right to participate in another lawsuit against the Defendants for the legal claims in this case.
Exclude Yourself Get no payment. This is the only option that allows you to participate in another lawsuit against the Defendants for the legal claims in this case.
Object If you are a Class Member and do not exclude yourself from the Class, you may write to the Court if you do not like the Settlement, the request for attorneys’ fees and expenses, or the Plan of Allocation. If you submit an objection to the Settlement, Plan of Allocation, and/or the request for an award of attorneys’ fees and expenses and do not submit a Proof of Claim seeking payment from the Settlement proceeds, your objection may be rejected because you would not have an interest in the Settlement.
Go to the Hearing You may ask to speak in Court about the fairness of the Settlement, the request for attorneys’ fees and expenses, or the Plan of Allocation.
Do Nothing If you do nothing, you will not receive any payment, will not be allowed to object to the Settlement and will give up your right to participate in another lawsuit against the Defendants for the legal claims in this case.

IMPORTANT DATES AND DEADLINES

Submit Claim November 2, 2017
Request Exclusion September 1, 2017
File Objection September 11, 2017
Court Hearing on Fairness of Settlement September 25, 2017 at 9:00 a.m.