San Diego, CA -- (SBWIRE) -- 04/28/2014 -- An investor, who purchased shares of Apollo Education Group Inc (NASDAQ:APOL), filed a lawsuit in the U.S. District Court for the District of Arizona over alleged violations of Federal Securities Laws by Apollo Education Group Inc in connection with certain allegedly false and misleading statements made between October 19, 2011 and April 1, 2014
If you purchased Apollo Education Group Inc (NASDAQ:APOL), you have certain options and for certain investors are short and strict deadlines running. Deadline: June 23, 2014. NASDAQ:APOL investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Apollo Education Group Inc (NASDAQ:APOL) between October 19, 2011 and April 1, 2014, that Apollo Education Group Inc and certain of its officers violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that the defendants made allegedly false and/or misleading statements and/or failed to disclose that the defendants manipulated federal student loan and grant programs in order to appear to be in compliance with new federal regulations enacted in June 2011, that the defendants' allegedly predatory and deceptive recruiting and enrollment practices violated federal regulations enacted beginning in June 2011, and that Apollo Education Group Inc engaged in a number of practices, including loan forbearance programs, in order to create the appearance that Apollo Education Group Inc was in compliance with relevant government regulations.
The plaintiff says that on July 30, 2012, Senator Tom Harkin, chairman of the Health, Education, Labor and Pensions Committee, completed a two-year investigation of the for-profit college industry, and issued a report containing troubling statistics and findings regarding the for profit college industry, and specifically about Apollo Education Group Inc.
Apollo Education Group Inc reported that its Total Revenue declined from over $4.25 billion for the 12 months period that ended on August 31, 2012 to over $3.68 billion for the 12 months period that ended on August 31, 2013 and that its respective Net Income fell from $388.86 million to $248.53 million.
Shares of Apollo Education Group Inc (NASDAQ:APOL) grew from $16.64 per share in March 2013 to as high as $35.24 per share in January 2014, respectively $35.16 per share on April 1, 2014.
Then on April 1, 2014 after the market closed, Apollo Education Group Inc disclosed that on March 21, 2014, University of Phoenix received a subpoena from the Mid-Atlantic Region of the OIG. Apollo Education Group Inc said that the subpoena seeks the production by the University of documents and detailed information regarding a broad spectrum of the activities conducted in the University’s Centralized Service Center for the Northeast Region located in Columbia, Maryland, for the time period of January 1, 2007 to the present, including information relating to marketing, recruitment, enrollment, financial aid processing, fraud prevention, student retention, personnel training, attendance, academic grading and other matters. Shares of Apollo Education Group Inc declined to $26.99 per share on April 15, 2014.
On April 25, 2014, NASDAQ:APOL shares closed at $27.84 per share.
Those who purchased shares of Apollo Education Group Inc (NASDAQ:APOL) have certain options and should contact the Shareholders Foundation.
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