BOSTON, Oct. 14, 2010 (GLOBE NEWSWIRE) -- Gilman and Pastor, LLP announces Notice of Deadline in the securities fraud class action lawsuit which was commenced in the United States District Court for the District of New Jersey against Lincoln Educational Services Corporation ("Lincoln") and certain of Lincoln's officers (collectively "Defendants") on behalf of a class consisting of all purchasers of Lincoln common stock (Nasdaq:LINC) during the period between March 13, 2009 through August 5, 2010, inclusive (the "Class Period").
The Complaint alleges that Lincoln violated federal securities fraud laws by issuing a series of materially false and misleading statements. These statements were false because:
- Defendants inflated Lincoln's results by inducing students to enroll in Lincoln's scholastic and educational programs and engaged in other manipulative recruiting tactics;
- Defendants had materially overstated Lincoln's growth prospects by failing to properly disclose that defendants had engaged in illicit and improper recruiting activities, thereby artificially inflating Lincoln's reported results and future growth prospects; and
- Lincoln did not maintain adequate systems of internal operation or financial controls which would have permitted Lincoln's reported operational statements and foreseeable growth prospects to be true and accurate or reliable.
On or about August 5, 2010, the United States General Accounting Office ("GAO") released a report which concluded that for-profit educational institutions like Lincoln had engaged in an illegal and fraudulent course of action designed to recruit students and over-charge the federal government for the cost of said education. Following the release of the GAO report, Lincoln reported a sudden change in "student starts" and shares of Lincoln collapsed, falling almost 20% in a single trading day.
If you purchased or otherwise acquired Lincoln shares during the Class Period, between March 13, 2009 and August 5, 2010, and either lost money on the transaction or still hold the shares, you may wish to join in this action. If you wish to serve as a lead plaintiff, a party representative that acts on behalf of other class members, you may do so if the Court determines that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain Gilman and Pastor, LLP, or other counsel of your choice, to serve as your counsel in this action.
To discuss your rights as a Lincoln shareholder, including as to the recovery of your losses, or to obtain additional information, please contact Gilman and Pastor, LLP at , by email at firstname.lastname@example.org or by calling toll-free (877) 428-7374.
CONTACT: Gilman and Pastor, LLP Kenneth G. Gilman, Esquire (877) 428-7374 Fax: (508) 291-3258 email@example.com 16 Fourteenth Avenue Wareham, MA 02571