Apollo Education Group Incorporated Securities Litigation
On or around 08/29/2017 (Other)
Filing Date: March 14, 2016
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.
On February 16, 2017, the Court dismissed this case with leave to amend. An amended complaint was filed on March 9.
On July 26, 2017, the Court dismissed this case with prejudice. A Notice of Appeal of this decision was filed on August 8.
Company & Securities Information
Defendant: Apollo Education Group Incorporated
Headquarters: United States
Ticker Symbol: APOL
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.
First Identified Complaint
Rameses Te Lomingkit, et al. v. Apollo Education Group Incorporated, et al.