Thread regarding Education Management Corporation layoffs

"Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Education Management Corporation (“Education Management” or “Company”) (NasdaqGS: EDMC) and several officers and directors for acts taken during the period of August 8, 2012 to September 16, 2014 (the “Class Period”)....In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose that: a) The Company did not increase its bad debt reserve upon student withdrawals, which caused an overstatement in its revenue; b) The Company was overstating goodwill; c) The Company manipulated federal student loan and grant programs in order to appear to be in compliance with new federal regulations enacted in June 2011; d) The Company practiced predatory and deceptive recruiting which violated the federal regulations enacted beginning in June 2011; and e) As a result of the above, Education Management’s public statements were materially false and misleading at all relevant times. According to the complaint, when the truth came out, the stock plummeted." Read more here: http://www.heraldonline.com/2014/09/25/6359625/education-management-shareholder.html?sp=/100/773/385/#storylink=cpy