The complaint charges that during the Class Period, EVCI, through its subsidiary, Interboro Institute, Inc. (\"Interboro\"), violated federal securities laws, in that the Company misrepresented and failed to disclose that Interboro did not maintain, among other things, adequate equipment, libraries, admissions control, and teaching staff to support its growing enrollment, in violation of the New York State Education Department\'s (\"NYSED\") educational minimum standards. As a result, defendants misled investors concerning EVCI\'s earning and enrollment growth and obtained millions of dollars in proceeds from the sales of EVCI\'s inflated stock price, when the Company knew or recklessly disregarded that it would have to limit its growth and spend substantial sums to meet the NYSED minimum requirements.

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