TWOU - 2U ALERT: Bragar Eagel & Squire P.C. Announces that a Class Action Lawsuit Has Been Filed Against 2U Inc. and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, June 14, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against 2U, Inc. ("2U" or the "Company") (NASDAQ:TWOU) in the United States District Court for the District of Maryland on behalf of all persons and entities who purchased or otherwise acquired 2U securities between February 9, 2022 and February 12, 2024, both dates inclusive (the "Class Period"). Investors have until August 12, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On November 9, 2023, after the market closed, the Company announced that 2U and USC would wind down their 15-year collaboration in the Company's major programs, and that USC would pay approximately $40 million in connection with this exit. The Company also announced it would recognize a total of $80 million in the fourth quarter related to partners seeking a negotiated exit from certain degree programs, which the Company euphemistically referred to as "portfolio management activities." The Company disclosed these portfolio management activities would offset a 21% decrease in full course equivalent enrollment, which was primarily driven by "the impact of [its] transition to a new marketing framework in mid-2022." The Company also revealed ...