According to the law firm press release, DeVry provides educational services worldwide through a number of subsidiaries, including DeVry University, one of the largest degree-granting higher education systems in the United States. Through its five colleges, DeVry University offers programs in healthcare, business, technology, accounting, finance and law. The Company is incorporated in Delaware and maintains its principal executive offices in Downers Grove, Illinois.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose, among other things, that: (i) DeVry University engaged in a multi-year deceptive marketing and advertising campaign; (ii) DeVry University overstated its students’ ability to find employment after graduation (iii) DeVry University overstated the potential income its students could earn after graduation; (iv) and as a result, DeVry overstated its growth, revenue, and earnings potential by concealing the true employment prospects of DeVry University graduates to investors and potential students.
On August 24, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on November 8.