Press release from Business Wire
The Shuman Law Firm Announces the Filing of a Class Action Lawsuit Against Apollo Group, Inc.
Tuesday, September 07, 2010
The Shuman Law Firm Announces the Filing of a Class Action Lawsuit Against Apollo Group, Inc.17:11 EDT Tuesday, September 07, 2010 BOULDER, Colo. (Business Wire) -- The Shuman Law Firm today announced that a class action has been filed in the United States District Court for the District of Arizona on behalf of purchasers 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"). If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com. On August 3, 2010 the U.S. General Accounting Office (“GAO”) issued a report which concluded that several 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 such education. While Apollo was not specifically named in the GAO report, following these disclosures, shares of the Company fell almost 10% between August 3 and August 5, 2010, on unusually high trading volume. The complaint charges Apollo and certain of its officers with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934. Specifically, the complaint alleges that despite defendants' positive statements in press releases and SEC filings during the Class Period regarding the Company's operational performance and future growth projections, defendants had overstated results by fraudulently inducing students to enroll in Apollo's programs and engaged in other manipulative recruiting tactics. If you purchased Apollo common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than October 15, 2010. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.