San Diego, CA -- (SBWIRE) -- 01/16/2013 -- An investigation on behalf of current long-term investors of Apollo Group Inc (NASDAQ:APOL) shares over potential breaches of fiduciary duties by certain of directors and officers of Apollo Group Inc in connection certain financial statements was announced.
Investors who purchased shares of Apollo Group Inc (NASDAQ:APOL) prior to August 2011 and continue to hold any of those NASDAQ:APOL shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm was launched following a significant drop in the company’s stock price and concerns about the University of Phoenix’s accreditation.
Apollo Group Inc (NASDAQ:APOL) reported that its Total Revenue declined from over $4.9 billion for the 12 months period that ended on Aug. 31, 2010 to $4.25 billion for the 12 months period that ended on August 31, 2012.
According to the investigation Apollo Group disclosed on Jan. 9, 2013 that The Higher Learning Commission (“HLC”), which accredits Apollo Group’s University of Phoenix, may put it “on notice,” and formally sanction the school.
The investigation said that in July 2011, the HLC informed Apollo Group Inc that there remained significant questions and areas that the University of Phoenix should work on improving and that these areas of concern would be reviewed at the next previously scheduled comprehensive evaluation visit in March 2012.
The investigation by the law firm concerns whether Apollo Group Inc and certain of its executives knew about the Higher Learning Commission’s concerns, what it did to respond to these concerns, and what Apollo knew about the improving or deteriorating conditions at the University of Phoenix underlying these concerns.
Shares of Apollo Group Inc (NASDAQ:APOL) traded as high as $64.61 per share in April 2010 and as high as $57.19 in Jan. 2012.
On Jan. 11, 2013, NASDAQ:APOL shares closed at $19.21 per share, which is significantly below its current 52 week high of $58.29 per share
Those who purchased shares of Apollo Group Inc (NASDAQ:APOL) prior to August 2011 and continue to hold any of those NASDAQ:APOL shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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