NEW YORK CITY, NY / ACCESSWIRE / November 12, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Stride, Inc. ("Stride" or the "Company") (NYSE:LRN). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Stride and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 16, 2024, Fuzzy Panda Research ("Fuzzy Panda") published a report alleging that Stride has been inflating its earnings by misleading investors about the impact of federal COVID-19 relief funds. The Fuzzy Panda report claims that more than 25% of Stride's EBITDA came from Elementary and Secondary School Emergency Relief (ESSER) funds, which expired in September 2024. The report also accuses Stride of hiding "ghost students" and failing to disclose schools leaving the company, alongside allegations of overbilling and fraudulent reimbursement claims.
On this news, Stride's stock price fell $6.55 per share, or 9.28%, to close at $64.04 per share on October 16, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP