The complaint alleges defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s admissions process was not effectively converting students from enrollment to start; (2) that, as a result, the Company was experiencing a significant drop in student starts relative to enrollment; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis