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Apollo Group Inc (NASDAQ: APOL) Investor Securities Class Action Lawsuit 10/12/2004

  • You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of May 2, 2012 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Apollo Group Inc (NASDAQ:APOL
Security
NASDAQ: APOL

Case Name
Apollo Group Shareholder Class Action Lawsuit 10/12/2004
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Arizona

Class Period Begin
Class Period End
Settlement Notice
apollo_group_inc_settlement_notice_12_2011.pdf
Settlement Proof
apollo_group_inc_settlement_proof_12_2011.pdf
Filed Complaint
apollo_group_inc_original_filing_edited_10_2004.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$145,000,000.00
Deadline to Participate in Settlement

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Summary

November 29, 2011 - The court preliminarily approved the settlement.

November 21, 2011 - A stipulation of settlement was filed by the parties.

October 18, 2005 - The court denied the defendants' motion to dismiss.

June 15, 2005 - A motion to dismiss the amended complaint was filed.

May 16, 2005 - An amended complaint was filed.

October 12, 2004 - An investor in Apollo Group Inc (NASDAQ: APOL) filed a lawsuit in the U.S. District Court for the District of Arizona against Apollo Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 12, 2004 and September 14, 2004.

The complaint charges Apollo Group Inc with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the complaint alleges that Apollo Group Inc failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that Apollo Group Inc improperly based recruiter's compensation on enrollment figures, in violation of U.S. regulations that forbid schools whose students receive federal financial aid from tying pay directly to enrollments; (2) that as a consequence of the foregoing, defendants were able to demonstrate dazzling growth at schools such as the University of Phoenix, even though recruiters bolstered their numbers by signing up unqualified students; and (3) that as a result of the illegal practices, Apollo Group Inc's earnings and net income were materially inflated at all relevant times.

On September 15, 2004, the Wall Street Journal published an article entitled Will Apollo's Bad Report Card Get Its Shares Grounded? The article stated that Apollo Group Inc engaged in a culture of duplicity in which supervisors improperly lavished money on sales employees for signing up scores of new students, including those unable to cut it. This news shocked the market.

Shares of Apollo Group Inc (NASDAQ: APOL) fell $1.41 per share, or 1.76 percent on September 15, 2004, to close at $78.68 per share.

apollo_group_inc_original_filing_edited_10_2004.pdf
Date Settled