September 24, 2010
Bernstein Liebhard LLP today announced that it filed a class action in the United States District Court for the District of Arizona on behalf of purchasers (the “Class”) 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”). The civil action number of the case is 10cv2044.
Plaintiffs allege that Defendants made misstatements in violation of the Securities Exchange Act of 1934 about Apollo’s projected earnings and growth prospects throughout the Class Period.
It was only on August 3, 2010 that investors finally began to learn the truth about Apollo after the United States General Accounting Office (“GAO”) issued a report that concluded that for-profit educational institutions like Apollo 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. Following these disclosures, shares of the Company declined precipitously over just a few trading days — falling almost 10% between August 3 and August 5, 2010, on unusually high trading volume, thereby erasing over $684.53 million of the Company’s market capitalization in only four trading days.
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, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 15, 2010.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine 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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Apollo shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last eight years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Arizona or here