Settled: July 25, 2013
On July 25, 2013, the Honorable Claude M. Hilton of the United States District Court for the Eastern District of Virginia, Alexandra Division finally approved a settlement in the class action, David Hoppaugh, Individually and On Behalf of all Others Similarly Situated v. K12 Inc., Ronald J. Packard and Harry T. Hawks, 12-cv-00103.
The settlement resolves all claims in the action against K12 Inc. (K12) and the individual defendants, Ronald J. Packard and Harry T. Hawks (collectively, the defendants), in exchange for a payment in the amount of $6.75 million in cash, plus interest.
Labaton Sucharow is the court-appointed lead counsel.
Lead Plaintiff Arkansas Teacher Retirement System represents the class.
Lead Plaintiff, on behalf of the Class, alleges that Defendants made misstatements and omissions and or carried out a common plan, scheme, and unlawful course of conduct during the class period in connection with the "churn" rate of students at virtual schools managed by K12 in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and rule 10b-5 promulgated thereunder.
If you purchased or otherwise acquired the publicly traded common stock of K12 during the period from September 9, 2009 through December 12, 2011, inclusive, (the class period) you may be eligible to recover if you submit a Proof of Claim with supporting documents by August 3, 2013.
A settlement hearing was held on July 19, 2013, at 10:00 a.m. before Judge Hilton in Courtroom 800 of the United States District Court for the Eastern District of Virginia, Albert V. Bryan U.S Courthouse, 401 Courthouse Square, Alexandria, VA 22314.The deadline for objecting to the settlement or for seeking exclusion from the Class has passed.
Copies of the relevant settlement documents can be accessed by clicking on the links to the right.