Kahn Swick & Foti, LLC and Former Louisiana State Attorney General Announce Filing of First Securities Fraud Class Action Agains
August 16 2010 - 9:15AM
Kahn Swick & Foti, LLC ("KSF") and Former Louisiana Attorney
General Charles C. Foti, Jr. announce that the firm has filed the
first securities fraud class action lawsuit against Apollo Group,
Inc. ("APOL" or the "Company") (Nasdaq:APOL) in the United States
District Court for the District of Arizona, on behalf of purchasers
of the common stock of the Company between December 7, 2009 and
August 3, 2010, inclusive (the "Class Period"). No class has yet
been certified in this action.
If you are a APOL shareholder and would like to discuss your
legal rights and how this case might affect you, along with the
lead plaintiff position and its related responsibilities including
overseeing lead counsel with the goal of obtaining a fair and just
resolution, you may, without obligation or cost to you, e-mail or
call KSF Director of Client Relations, Neil Rothstein, Esq.
(neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via
cell phone any time at 330-860-4092, or KSF Managing Partner, Lewis
Kahn (lewis.kahn@ksfcounsel.com), toll free 1-866-467-1400, ext.
200, after hours via cell phone 504-301-7900. KSF attorneys have
significant experience in representing both institutional and
individual shareholders in securities fraud litigation nationwide.
KSF encourages both institutional and individual purchasers of APOL
to contact the firm to discuss the lawsuit and how it might affect
you. The ultimate outcome of any securities class action case is
strengthened through the involvement of aggrieved shareholders and
lead plaintiffs who have significant financial losses, and who
possess the will to lead and direct the lawyers in the APOL
case.
APOL and certain of its Officers are charged with making a
series of materially false and misleading statements related to the
Company's business and operations in violation of the Securities
Exchange Act of 1934.
In particular, the Complaint alleges that despite extensive
positive statements by defendants in press releases and SEC filings
during the Class Period regarding the Company's operational
performance and future growth projections, these statements were
false because: (1) defendants had propped up the Company's results
by fraudulently inducing students to enroll in APOL's scholastic
and educational programs and engaged in other manipulative
recruiting tactics; (2) defendants had materially overstated the
Company's growth prospects by failing to properly disclose that
defendants had engaged in illicit and improper recruiting
activities, which also had the effect of artificially inflating the
Company's reported results and future growth prospects; and (3)
APOL did not maintain adequate systems of internal operational or
financial controls, which would have permitted APOL's reported
operational statements and foreseeable growth prospects to be true,
accurate or reliable.
It was only on August 3, 2010 that investors finally began to
learn the truth about APOL after the United States General
Accounting Office ("GAO") issued a report that concluded that
for-profit educational institutions like APOL had engaged in an
illegal and fraudulent course of action designed to recruit
students and over-charge the federal government for the cost of
such education. Following these disclosures, shares of the
Company declined precipitously over just a few trading days --
falling almost 10% between August 3 and August 5, 2010, on
unusually high trading volume, thereby eradicating over $684.53
million of the Company's market capitalization in only four trading
days.
If you wish to serve as lead plaintiff in this class action
lawsuit, you must request this position by application to the court
no later than 60 days from today. Any member of the putative class
may move the Court to serve as lead plaintiff through counsel of
their choice, or may choose to do nothing and remain an absent
class member. To learn more about KSF, you may visit
www.ksfcounsel.com. KSF, whose partners include the Former
Louisiana Attorney General Charles C. Foti, Jr., is a law firm
focused on securities class action litigation with offices in New
York and Louisiana. KSF's lawyers have significant experience
litigating complex securities class actions.
CONTACT: Kahn Swick & Foti, LLC
Neil Rothstein, Esq., Director of Client Relations
877-694-9510
Mobile: 330-860-4092
neil.rothstein@ksfcounsel.com
206 Covington St.
Madisonville, LA 70447
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