(Portland, OR) -- Concordia University of Portland is facing a class action lawsuit following its announcement that it will close its doors this spring. The lawsuit filed Monday says the college misled students about its financial condition when it collected tuition this year from students unaware of its impending closure. The lawsuit also says students are being left with credits that cannot be directly transferred for credits of equal value at a different university. Lead plaintiff William Spaulding says he wants his 2020 tuition refunded. The college announced Monday that its board of regents has voted to cease operations at the school by the end of this spring's semester. The school says it's facing mounting financial challenges as well as a changing educational landscape.