Case Page

 

Case Status:    DISMISSED    
On or around 12/08/2011 (Court's order of dismissal)

Filing Date: August 12, 2010

According to a press release dated August 13, 2010, the Complaint alleges that despite extensive positive statements by defendants in press releases and SEC filings during the Class Period regarding the Company's operational performance and future growth projections, including predictable revenue growth of between 36% and 39% for 2010, these statements were false because: (1) defendants had propped up the Company's results by fraudulently inducing students to enroll in APEI's scholastic and educational programs and engaged in other manipulative recruiting tactics; (2) defendants had materially overstated the Company's growth prospects by failing to properly disclose that defendants had engaged in illicit and improper recruiting activities, which also had the effect of artificially inflating the Company's reported results and future growth prospects; and (3) APEI did not maintain adequate systems of internal operational or financial controls, which would have permitted APEI's reported operational statements and foreseeable growth prospects to be true, accurate or reliable.

It was only on August 5, 2010 that investors finally began to learn the truth about APEI after the United States General Accounting Office ("GAO") issued a report that concluded that for-profit educational institutions like APEI 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 collapsed -- falling over $12.00, or almost 30% in the single trading day as this news reached the market.

On November 11, 2010, the Court issued an Order Appointing Lead Plaintiff and Approving Lead Plaintiff's Selection of Lead and Liaison Counsel in this matter.

On January 25, 2010, a Consolidated Amended Complaint For Violation Of The Federal Securities Laws was filed by the lead plaintiffs against the defendants.

COMPANY INFORMATION:

Sector: Services
Industry: Schools
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: APEI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. West Virginia
DOCKET #: 10-CV-00081
JUDGE: Hon. John Preston Bailey
DATE FILED: 08/12/2010
CLASS PERIOD START: 02/22/2010
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Frankovitch, Anetakis, Colantonio & Simon
    337 Penco Road, Frankovitch, Anetakis, Colantonio & Simon, WV 26062
    304.723.4400 (304) 723-5892 ·
  2. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  3. Kahn Swick & Foti, LLC Former New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC Former New York), NY 10110
    212.696.3730 504.455-1498 ·
No Document Title Filing Date
COURT: N.D. West Virginia
DOCKET #: 10-CV-00081
JUDGE: Hon. John Preston Bailey
DATE FILED: 01/25/2011
CLASS PERIOD START: 02/22/2010
CLASS PERIOD END: 08/05/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cypen & Cypen
    777 Arthur Godfrey Road, Suite 320, Cypen & Cypen, FL 33140
    305/532-3200 305/535-0050 ·
  2. Kahn Swick & Foti, LLC Former New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC Former New York), NY 10110
    212.696.3730 504.455-1498 ·
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date