Bernstein Liebhard LLP Announces Only Three Weeks Remain until Lead Plaintiff Deadline for Apollo Shareholders; Bernstein Lie...
September 24 2010 - 5:34PM
Business Wire
Bernstein Liebhard LLP today announced that it filed a class
action in the United States District Court for the District of
Arizona on behalf of purchasers (the “Class”) of Apollo Group, Inc.
(“Apollo” or the “Company”) (NASDAQ: APOL) common stock during the
period December 7, 2009 and August 3, 2010 (the “Class Period”).
The civil action number of the case is 10cv2044.
Plaintiffs allege that Defendants made misstatements in
violation of the Securities Exchange Act of 1934 about Apollo’s
projected earnings and growth prospects throughout the Class
Period.
It was only on August 3, 2010 that investors finally began to
learn the truth about Apollo after the United States General
Accounting Office (“GAO”) issued a report that concluded that
for-profit educational institutions like Apollo 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 erasing over $684.53 million of the
Company's market capitalization in only four trading days.
Plaintiff seeks to recover damages on behalf of all Class
members who purchased or otherwise acquired shares of Apollo during
the Class Period. If you purchased or otherwise acquired Apollo
shares during the Class Period, and either lost money on the
transaction or still hold the shares, you may wish to join in this
action to serve as lead plaintiff. In order to do so, you must meet
certain requirements set forth in the applicable law and file
appropriate papers no later than October 15, 2010.
A “lead plaintiff” is a representative party that acts on behalf
of other class members in directing the litigation. In order to be
appointed lead plaintiff, the court must determine that the class
member’s claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as lead plaintiff. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Apollo
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at (877) 779-1414 or
seidman@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities, consumer
and shareholder rights cases and recovered almost $3 billion for
its clients. It has been named to The National Law Journal’s
“Plaintiffs’ Hot List” in each of the last seven years.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the District of
Arizona or at www.bernlieb.com.
Bernstein Liebhard LLP10 East 40th StreetNew York, New York
10016(877) 779-1414www.bernlieb.com
ATTORNEY ADVERTISING. © 2010 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414.
Prior results do not guarantee or predict a similar outcome with
respect to any future matter.
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