Apollo Education Securities Litigation
|Court:||District of Arizona|
|Judge:||Judge Douglas L Rayes|
|Class Period:||10/22/2013 - 10/21/2015|
|Case Contacts:||Blair A. Nicholas, David R. Stickney, Brandon Marsh, Rachel Felong|
Securities fraud class action filed on behalf of all purchasers of Apollo Education Group, Inc. (“Apollo” or the “Company”) securities from October 22, 2013 through October 21, 2015, inclusive (the “Class Period”), alleging claims pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against Apollo and certain of its executive officers.
The case commenced on March 14, 2016. On June 16, 2016, the Court appointed the Government of Guam Retirement Fund as Lead Plaintiff for the Class and BLB&G as Lead Counsel.
On August 15, 2016, Lead Plaintiff filed the operative Complaint on behalf of purchasers of Apollo’s common stock between October 22, 2013 and October 21, 2015. The Complaint alleges that Apollo and its top officers made false and misleading statements to investors, and omitted material facts, regarding (i) the status of the Company’s new “online classroom”; and (ii) the Company’s improper practices for recruiting students from the military in violation of regulations, an Executive Order, and the Company’s contract with the Department of Defense. In response to Defendants’ statements, the price of Apollo’s shares traded at artificially-inflated levels, reaching a high of almost $36 per share during the Class Period. When the truth emerged in a series of partial disclosures, the price plunged to less than $7.50 per share and never recovered.
Defendants’ response to the Complaint is due on October 14.