April 18, 2012 - The U.S. Court of Appeals for the Third Circuit issued an order dismissing the appeal.
October 12, 2011 - The lead plaintiff filed a notice of appeal.

September 29, 2011 - The court granted the defendants' motions to dismiss.

March 28, 2011 - The defendants filed motions to dismiss.

January 10, 2011 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Education Management Corporation (NASDAQ: EDMC) common shares between October 1, 2009 and August 13, 2010 . The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between October 1, 2009 and August 13, 2010.

November 10, 2010 - The lead plaintiff and lead counsel were appointed.

October 12, 2010 - Lead plaintiff motions were filed.

August 11, 2010 - An investor in shares of Education Management Corporation (NASDAQ: EDMC) filed a lawsuit in the U.S. District Court for the Western District of Pennsylvania, against Education Management Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 2, 2009 and August 3, 2010.

According to the complaint the plaintiff alleges that Education Management Corporation (NASDAQ: EDMC) and certain of its officers violated the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements related to its business and operations, and violated the Securities Act of 1933 by issuing a materially false and misleading registration statement and proxy-prospectus in connection with the October 2, 2009 Initial Public Offering.

On August 4, 2010, the Senate Health, Education, Labor, and Pensions Committee conducted a hearing on for-profit education firms, where Government Accountability Office representative, George Kutz, presented the findings of report GAO-10-948T, For-Profit Colleges: Undercover Testing Finds Colleges Encouraged Fraud in Deceptive and Questionable Marketing Practices. The report detailed undercover investigations into 15 for-profit schools that uncovered misconduct by school staff. According to this GAO study, the college personnel at schools owned by Education Management Corp. may have encouraged applicants to falsify their financial aid forms to qualify for federal aid and pressured applicants to sign a contract for enrollment prior to allowing them to speak to a financial advisor. During the U.S. Senate Health, Education, Labor, and Pensions Committee hearing, GAO representative George Kutz identified Argosy University as one of the schools subject to the investigation. As an apparent result of this report, so the investigation, Education Management's stock dropped to a fifty-two week low. Shares of Education Management Corporation (NASDAQ: EDMC) traded recently at $12.76 per share, down from its 52weekHigh of $26.98 per share and almost $43 per share during 2006.

Education Management Corporation, located in Pittsburgh, PA, is a provider of post secondary education in North America, with approximately 96,000 active students as of October 2007. Education Management Corporation offers education through four different education systems, The Art Institutes, Argosy University, the Brown Mackie Colleges and South University.