SEATTLE, June 3, 2024 /PRNewswire/ —
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
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In re Grand Canyon Education, Inc. Securities
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Civil Action No. 20-639-JLH-CJB
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SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION
AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND
(III) MOTION FOR ATTORNEYS’ FEES AND LITIGATION EXPENSES
TO: All persons and entities who purchased the common stock of Grand Canyon Education, Inc. (“Grand Canyon” or the “Company”) during the period from January 5, 2018 through January 27, 2020, inclusive (the “Class Period”), and who were damaged thereby (the “Settlement Class”)1:
Please read this notice carefully. Your rights will be affected by a class action lawsuit pending in this court.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Delaware (the “Court”), that the above-captioned securities class action (the “Action”) is pending in the Court.
YOU ARE ALSO NOTIFIED that Lead Plaintiffs Fire and Police Pension Association of Colorado, Oakland County Employees’ Retirement System, and Oakland County Voluntary Employees’ Beneficiary Association Trust (together, “Lead Plaintiffs”), on behalf of themselves and the Settlement Class, have reached a proposed settlement of the Action for $25,500,000 in cash (the “Settlement”). If approved, the Settlement will resolve all claims in the Action.
The Action involves allegations that Grand Canyon and certain of its senior officers violated federal securities laws. Lead Plaintiffs allege, among other things, that Grand Canyon, Grand Canyon’s Chief Executive Officer Brian E. Mueller, and Grand Canyon’s Chief Financial Officer Daniel E. Bachus made material misrepresentations and omissions during the Class Period about Grand Canyon’s 2018 sale of Grand Canyon University, a for-profit university it owned and operated, to an entity organized as an Arizona nonprofit corporation, in violation of Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), and that the executive defendants controlled Grand Canyon when the misstatements were made, in violation of Section 20(a) of the Exchange Act. Defendants[2] deny all allegations in the Action and deny any violations of the federal securities laws. Issues and defenses at issue in the Action included, among others, (i) whether Defendants made materially false statements or omissions; (ii) whether Defendants made the statements with the required state of mind; (iii) whether the alleged misstatements caused class members’ losses; and (iv) the amount of damages, if any.
A hearing will be held on August 22, 2024, at 11:00 a.m., before the Honorable Christopher J. Burke of the United States District Court for the District of Delaware, in Courtroom 2A of the J. Caleb Boggs Federal Building and United States Courthouse, 844 North King Street, Wilmington, DE 19801, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether, for purposes of the proposed Settlement only, the Action should be certified as a class action on behalf of the Settlement Class, Lead Plaintiffs should be certified as Class Representatives for the Settlement Class, and Lead Counsel should be appointed as Class Counsel for the Settlement Class; (iii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation (and in the Notice) should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (v) whether Lead Counsel’s application for an award of attorneys’ fees and expenses should be approved.
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund. If you have not yet received the Notice and the Proof of Claim and Release Form (“Claim Form”), you may obtain copies of these documents by contacting the Claims Administrator at: In re Grand Canyon Education, Inc. Securities Litigation, c/o JND Legal Administration, P.O. 91065, Seattle, WA 98111; (855) 208-4129; [email protected]. Copies of the Notice and Claim Form can also be downloaded from the Settlement website, GrandCanyonSecuritiesLitigation.com.
If you are a member of the Settlement Class, in order to be eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked (if mailed) or online by no later than September 19, 2024. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to receive a payment from the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than August 1, 2024, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to receive a payment from the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel’s motion for attorneys’ fees and expenses must be filed with the Court and delivered to Lead Counsel and Defendants’ Counsel such that they are received no later than August 1, 2024, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Office of the Clerk of the Court, Defendants, or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Claims Administrator or Lead Counsel.
Requests for the Notice and Claim Form should be made to:
In re Grand Canyon Education, Inc. Securities Litigation
c/o JND Legal Administration
P.O. Box 91065
Seattle, WA 98111
(855) 208-4129
[email protected]
GrandCanyonSecuritiesLitigation.com
Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:
Katherine M. Sinderson
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, NY 10020
(800) 380-8496
[email protected]
Jeffrey W. Golan
Barrack, Rodos & Bacine
3300 Two Commerce Square
2001 Market Street
Philadelphia, PA 19103
877-386-3304
[email protected]
By Order of the Court
1 Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the full Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), available at GrandCanyonSecuritiesLitigation.com.
2 Capitalized terms not otherwise defined herein shall have the same meaning as in the Stipulation and Agreement of Settlement dated March 25, 2024 (“Stipulation”). The Stipulation can be viewed and/or obtained at GrandCanyonSecuritiesLitigation.com.
SOURCE JND Legal Administration
