Grand Canyon Education Stock Suit Should Proceed, Judge Says

Investors in Grand Canyon Education Inc. adequately alleged that the company was misleading about its conversion of Grand Canyon University into a nonprofit organization, a magistrate judge said.

GCE’s request to dismiss the complaint will now go to Judge Maryellen Noreika following the Feb. 17 report in the US District Court for the District of Delaware.

• The education services company ran Grand Canyon University as a for-profit Christian college prior to 2018, when it moved to make the school a separate nonprofit entity, the investors said
• But GCE didn’t tell investors the new GCU would remain under the company’s control ...