STEVENSON, Md., April 25, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of purchasers of Apollo Education Group, Inc. ("Apollo" or the "Company") (Nasdaq:APOL) securities during the period between October 19, 2011 and April 1, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in Apollo securities purchased on or after October 19, 2011 and held through the revelation of negative information during and/or at the end of the Class Period, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html.
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 23, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that (i) defendants manipulated federal student loan and grant programs in order to appear to be in compliance with new federal regulations enacted in June 2011; (ii) defendants' predatory and deceptive recruiting and enrollment practices violated federal regulations enacted beginning in June 2011; and (iii) the Company engaged in a number of practices, including loan forbearance programs, in order to create the appearance that the Company was in compliance with relevant government regulations.
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 (the "Harkin Report") containing troubling statistics and findings regarding the for profit college industry, and specifically about Apollo. After the Harkin Report was published, the Company's shares fell 4.1% or $1.17, to close at $27.22 on July 30, 2012.
On April 1, 2014, the Company disclosed that the Department of Education ("Department") was conducting an investigation into the Company, and that the Department had subpoenaed documents and communications related to student recruitment, attendance, completion, placement, defaults on loans, along with information on other corporate and financial matters. On this news, Apollo shares declined $3.10 per share, or over 8.8%, to close at $32.06 per share on April 2, 2014.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.