Notice of Deadline for Plaintiff Submissions for Apollo Group, Inc. APOL Stock Owners/Investors Who Have Losses in Excess of $50
October 01 2010 - 12:22PM
Marketwired
Gilman and Pastor, LLP announces Notice of Deadline in the
securities fraud class action lawsuit which was commenced in the
United States District Court for the District of Arizona against
Apollo Group, Inc. ("Apollo") and certain of Apollo's officers
(collectively "Defendants") on behalf of a class consisting of all
purchasers of Apollo common stock (NASDAQ: APOL) during the period
between June 1, 2009 and August 3, 2010, inclusive (the "Class
Period").
The Complaint alleges that Apollo violated federal securities
fraud laws by issuing a series of materially false and misleading
statements related to Apollo's business operations in violation of
the Securities Exchange Act of 1934. The defendants issued a series
of materially false and misleading statements regarding Apollo's
compliance with governmental regulations, and Apollo's growth and
foreseeable profitability.
On or about August 3, 2010, the United States General Accounting
Office ("GAO") released a report which concluded that for-profit
educational institutions like Apollo and other for-profit
educational institutions had engaged in an illegal and fraudulent
course of action designed to recruit students and over-charge the
federal government for the cost of said education. Following the
release of the GAO report, shares of Apollo collapsed, falling
almost 10% in the following trading days.
The Apollo securities class action complaint alleges that the
Defendants made positive statements in press releases and SEC
filings regarding Apollo's operational performance and future
growth projections and that these statements were false
because:
(1) Defendants inflated Apollo's results by inducing students to
enroll in Apollo's scholastic and educational programs and engaged
in other manipulative recruiting tactics;
(2) Defendants had materially overstated Apollo's growth
prospects by failing to properly disclose that defendants had
engaged in illicit and improper recruiting activities, thereby
artificially inflating Apollo's reported results and future growth
prospects; and
(3) Apollo did not maintain adequate systems of internal
operation or financial controls which would have permitted Apollo's
reported operational statements and foreseeable growth prospects to
be true and accurate or reliable.
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, between June 1, 2009 and August 3,
2010, and either lost money on the transaction or still hold the
shares, you may wish to join in this action. If you wish to serve
as a lead plaintiff, a party representative that acts on behalf of
other class members, you may do so if the Court determines 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. Your ability to share in any recovery is not affected by the
decision whether or not to serve as a lead plaintiff. You may
retain Gilman and Pastor, LLP, or other counsel of your choice, to
serve as your counsel in this action.
To discuss your rights as an Apollo shareholder, including as to
the recovery of your losses, or to obtain additional information,
please contact Gilman and Pastor, LLP at www.investment-losses.com,
by email at rpotkay@gilmanpastor.com or by calling toll-free (877)
428-7374.
Gilman and Pastor, LLP is one of the country's premier national
law firms that represents institutional and individual investors in
class actions, complex securities and corporate governance
litigation. The firm has been a champion of investor rights for
over 30 years and has been recognized for its reputation for
excellence by the courts. You may retain Gilman and Pastor without
financial obligation or cost to you, or you may retain other
counsel of your choice.
Add to Digg Bookmark with del.icio.us Add to Newsvine
CONTACT: Kenneth G. Gilman, Esquire Gilman and Pastor, LLP 16
Fourteenth Avenue Wareham, MA 02571 kgilman@gilmanpastor.com (877)
428-7374 (508) 291-3258 FAX
Apollo Education Group, Inc. (NASDAQ:APOL)
Historical Stock Chart
From May 2024 to Jun 2024
Apollo Education Group, Inc. (NASDAQ:APOL)
Historical Stock Chart
From Jun 2023 to Jun 2024