Stride is a Reston, Virginia-based technology company that provides an educational platform to deliver online learning to students throughout the United States.
The class action alleges that, during the class period, Defendants made misleading statements and omissions regarding the company’s products and services to public and private schools, school districts, and charter boards. Throughout the class period, Stride represented to investors that “[t]hese products and services, spanning curriculum, systems, instruction, and support services are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning.” Unbeknownst to investors, Stride was inflating enrollment numbers, cutting staff costs beyond required statutory limits, ignoring compliance requirements, and losing existing and potential enrollments.
Defendants’ materially false and misleading statements during the class period resulted in members of the class purchasing or otherwise acquiring the company’s securities at artificially inflated prices, thus causing damages when the truth was revealed. On February 9, 2026, the Court appointed the Oklahoma Police Pension and Retirement System, El Paso Firemen & Policemen Pension Fund, and Teamsters Retirement Pension Plan as Lead Plaintiff and Saxena White P.A. as Co-Lead Counsel.
On March 16, 2026, Lead Plaintiffs filed their consolidated class action complaint. On April 21, 2026, Defendants filed their motion to dismiss the Complaint and briefing on the motion to dismiss concluded on June 2, 2026. On July 21, 2026, the Court granted Defendants’ motion to dismiss and Lead Plaintiffs have appealed to the U.S. Court of Appeals for the Fourth Circuit. Appellants’ opening brief is due on December 16, 2026, and appellate briefing is scheduled to conclude on February 5, 2027.
