Hagens Berman Reminds Apollo Education Group Incorporated (NASDAQ: APOL) Investors of May 13, 2016 Lead Plaintiff Deadline in...
April 15 2016 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, reminds Apollo Education Group Incorporated (NASDAQ:APOL)
investors of the May 13, 2016 lead plaintiff deadline in the
securities fraud class action lawsuit related to alleged
misstatements about the Company’s non-compliance with an Executive
Order President Barrack Obama signed into law on April 27, 2012 and
the adverse impacts on APOL’s business due to software
compatibility problems.
If you suffered significant losses in excess of
$100,000 because of your purchases of APOL between June 26, 2013
and October 21, 2015, or have information that will help our
continuing investigation contact Hagens Berman Partner Reed
Kathrein, who is leading the firm’s investigation by calling
510-725-3000, emailing APOL@hbsslaw.com or
visiting https://www.hbsslaw.com/cases/APOL. The lawsuit was filed
in the U.S. District Court for the District of Arizona and
investors have until May 13, 2016 to move the court to participate
as a lead plaintiff.
The class action complaint alleges that APOL and
certain of its directors and executives made false and misleading
statements and/or failed to disclose that: (1) a substantial
portion of generated revenues were derived from improperly
aggressive recruiting tactics at U.S. military bases nationwide in
violation of President Obama’s Executive Order; (2) these improper
recruiting tactics violated contractual agreements APOL entered
into with the U.S. Department of Defense (“DoD”) in February 2012
and July 2014 to permit the University of Phoenix to participate in
the DoD’s tuition assistance programs; (3) efforts to transition
APOL’s online classroom platform to a new “industry-leading private
cloud infrastructure, offering enhanced scalability, reliability
and performance” were failing because the new platform was not
functioning as designed from its inception due to software
compatibility problems, leading to a dramatic increase in student
drop-out rates; (4) the software compatibility problems also
adversely impacted new student enrollment; and (5) as a result,
APOL’s financial statements were materially false and misleading at
all relevant times. When the true details entered the market, the
lawsuit claims that investors suffered damages.
Whistleblowers: Persons with
non-public information regarding APOL should consider their options
to help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email APOL@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered
in Seattle, Washington with offices in 10 cities. The Firm
represents investors, whistleblowers, workers and consumers in
complex litigation. More about the Firm and its successes can be
found at www.hbsslaw.com. Read the Firm’s Securities Newsletter,
and visit the blog. For the latest news visit our newsroom or
follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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