Kaplan Fox Files Securities Class Action on Behalf of Purchasers of Apollo Group, Inc. Common Stock With Expanded Class Period o
October 04 2010 - 8:30PM
Marketwired
Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a
class action suit against Apollo Group, Inc. ("Apollo Group" or the
"Company") (NASDAQ: APOL) that alleges violations of the Securities
Exchange Act of 1934 on behalf of purchasers of Apollo's common
stock during the period February 12, 2007 through August 3, 2010,
inclusive (the "Class").
The case is pending in the United States District Court for the
District of Arizona. A copy of the complaint may be obtained from
Kaplan Fox or the Court.
The Complaint alleges that throughout the Class Period,
Defendants represented that Apollo's student enrollment in its
programs, and its revenues and profits were growing, but the
positive statements regarding the Company's performance and growth
made by defendants were materially false and misleading when made,
and were known by defendants to be false or were recklessly
disregarded because the defendants failed to disclose that the
Company's purported growth and profits were achieved through an
improper course of conduct, including fraudulently inducing
students to enroll in Apollo's scholastic and educational programs
and engaging in other manipulative recruiting tactics. Further, the
Complaint alleges that during the Class Period Apollo insiders sold
over $450 million dollars of their privately held Apollo stock at
artificially inflated prices.
The Complaint further alleges that the truth about Apollo's
improper recruiting tactics began to emerge on January 7, 2010,
when, after the close of trading, the Company issued a press
release disclosing, among other things, that the U.S. Department of
Education expressed a concern that some students had enrolled and
began attending classes before completely understanding the
implications of enrollment, including their eligibility for student
financial aid. On January 8, 2010, the next trading day, Apollo
shares declined from a close on January 7, 2010 of $63.94 per share
to close at $60.50 per share, a decline of $3.44 per share or
approximately 5.4% on heavier than usual volume.
Then, the Complaint alleges, on August 3, 2010, the United
States Government Accounting Office (the "GAO") published a report
finding that certain for-profit schools (i) used deceptive
recruiting practices; (ii) inflated their tuition costs; and (iii)
engaged in other "troubling" practices. The Complaint alleges that,
as a result of these disclosures, between August 3, 2010, and
August 6, 2010, shares of the Company declined from a close of
$47.14 per share on August 2, 2010, to a close of $42.83 per share
on August 5, 2010, a decline of $4.34 per share or approximately
9%.
If you are a member of the proposed Class, you may move the
court no later than October 15, 2010 to serve as a lead plaintiff
for the Class. You need not seek to become a lead plaintiff in
order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP. Our firm, with
offices in New York, San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor class
actions and actions involving financial fraud. For more information
about Kaplan Fox & Kilsheimer LLP, or to review a copy of the
complaint filed in this action, you may visit our website at
www.kaplanfox.com.
If you have any questions about this Notice, the action, your
rights, or your interests, please contact: Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP 850 Third Avenue, 14th Floor New
York, New York 10022 (800) 290-1952 (212) 687-1980 Fax: (212)
687-7714 E-mail address: jcampisi@kaplanfox.com Laurence D. King
KAPLAN FOX & KILSHEIMER LLP 350 Sansome Street, Suite 400 San
Francisco, California 94104 (415) 772-4700 Fax: (415) 772-4707
E-mail address: lking@kaplanfox.com
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