According to the law firm press release, Apollo owns and operates several for-profit educational institutions throughout the United States, its largest being the University of Phoenix.
The complaint alleges that throughout the Class Period, Apollo reported generating billions of dollars in revenues while concealing that a substantial portion of those revenues were being derived through improperly aggressive recruiting tactics being undertaken at U.S. military bases across the country that contradicted an Executive Order signed into law by President Barack Obama on April 27, 2012. The express intent of the Executive Order, which had been implemented in large part by the spring of 2013, was to stop for-profit secondary education providers like the University of Phoenix from continuing to take advantage of present and former members of the U.S. military. Apollo’s improperly aggressive recruiting tactics also allegedly violated the express terms of the contractual agreements the Company had entered into with the U.S. Department of Defense (“DoD”) in February 2012 and July 2014 to permit the University of Phoenix to continue to participate in the DoD’s tuition assistance programs.
On June 16, 2016, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiff filed a consolidated complaint on August 15.