Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 395

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1A
Chunk 395
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 and other advertising and marketing media; costs and
effectiveness of Internet, mobile phone and other advertising programs; and changing media preferences of our target audiences.

Our
business is subject to fluctuations caused by seasonality or other factors beyond our control, which may cause our operating results
to fluctuate from quarter to quarter.

We
have experienced, and expect to continue to experience, seasonal fluctuations in our revenues and results of operations, primarily due
to seasonal changes in student enrollments. We generally experience a seasonal increase in new enrollments during the first quarter of
our fiscal year, as well as during the third quarter each year, when most other colleges and universities begin their fall semesters
and subsequent to holiday break. While we enroll students throughout the year, our second quarter revenue generally is lower than other
quarters due to the holiday season. Other factors beyond our control, such as special events that take place during a quarter when our
student enrollment would normally be high, may have a negative impact on our student enrollments. We expect quarterly fluctuations in
our revenues and results of operations to continue. These fluctuations could result in volatility and adversely affect our operations
from one quarter to the next.

71

If
we are unable to successfully resolve future litigation and regulatory and governmental inquiries involving us, or face regulatory actions
or litigation, our financial condition and results of operations could be adversely affected.

From
time to time, we and certain of our current and former directors and executive officers may become named as defendants in various lawsuits,
investigations and claims covering a range of matters, including, but not limited to, violations of the federal securities laws, breaches
of fiduciary duty and claims made by current and former students and employees of our institutions. Claims may include qui tam actions
filed in federal court by individual plaintiffs on behalf of themselves and the federal government alleging violations of the False Claims
Act. Qui tam actions are filed under seal and remain under seal until the government decides whether it will intervene in the
case. If the government elects to intervene in an action, it assumes primary control of that matter; if the government elects not
to intervene, then individual plaintiffs may continue the litigation at their own expense on behalf of the government.

We
and our institutions may also become subject to audits, compliance reviews, inquiries, investigations, claims of non-compliance and litigation
by ED, federal and state regulatory agencies, accrediting agencies, state attorney general offices, present and former students and employees,
and