K12 Stock Plummets After Major School Board Stops Using the Platform

Shares of distance-education company K12 (NYSE: LRN) were plummeting on Thursday, after Florida's Miami-Dade School Board unanimously voted to stop using the platform. According to the Miami Herald, the vote came around 2 a.m. EDT on Thursday morning after a 13-hour meeting full of negative comments from parents and teachers alike.

K12 stock is still up around 50% year to date as investors believe it's aptly positioned to profit from an altered educational system. However, the stock is also down 41% from highs reached in August. Today, the stock was down 10% as of 3:15 p.m. EDT.