In re EVCI Career Colleges Holdings Corp. Securities Litigation
Jul 21, 2006OUTCOME: Settled for over $7.7 million to be divided among the class, which the Court on July 27, 2007.
Represented lead plaintiff with firm partner in this securities class action. The complaint alleged EVCI made false statements knowingly to the investing public about Interboro Institute, its subsidia ... ry and a for-profit college, representing revenue increases and improved operating strategies to the investing public while knowing failing to disclose it lacked the staff and maintenance to sustain the number of students it was enrolling. In denying defendants’ motion to dismiss, Judge Colleen McMahon held that the complaint “is one of the best supported securities fraud complaints this court has seen in the eleven years since the PSLRA was passed. If this complaint does not pass muster, I cannot imagine what would qualify as an adequate pleading.”469 F.Supp.2d 88, 99 (S.D.N.Y. 2006) .
