Apollo Education Securities Litigation
|Court:||District of Arizona|
|Judge:||Judge James A. Teilborg|
|Class Period:||11/13/2013 - 10/21/2015|
|Case Contacts:||David R. Stickney, Brandon Marsh|
Securities fraud class action filed on behalf of all purchasers of Apollo Education Group, Inc. (“Apollo” or the “Company”) securities from November 13, 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. A consolidated complaint was filed, which the Court dismissed with leave to amend on February 16, 2017. On March 9, 2017, Lead Plaintiff filed the operative Complaint on behalf of purchasers of Apollo’s common stock between November 13, 2013 and October 21, 2015. Defendants moved to dismiss the Complaint, and Lead Plaintiff opposed the motion. On July 26, 2017, the Court dismissed the Complaint with prejudice. Lead Plaintiff has appealed the Court’s rulings to the Ninth Circuit Court of Appeals. Appellate briefing has concluded and the Ninth Circuit has not yet scheduled a hearing on the appeal.
The Complaint alleges that Apollo and its top officers made false and misleading statements to investors, and omitted material facts, regarding the status and performance of the Company’s new “online classroom.” 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 remained at such levels.
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