NEW YORK, May 19, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in DeVry Education Group, Inc. (“DeVry” or the “Company”) (NYSE:DV) of the July 12, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased or otherwise acquired DeVry securities between February 4, 2011 and January 27, 2016 (the “Class Period”). The case, Pension Trust Fund for Operating Engineers v. DeVry Education Group, Inc. et al, No. 1:16-cv-05198 was filed on May 13, 2016, and has been assigned to Judge Jorge Luis Alonso.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) the Company exaggerated its students’ ability to find employment upon graduation; (2) the Company overstated the average or median salary of DeVry graduates with bachelor’s degrees; (3) the Company exaggerated its growth, revenue, and earnings potential by concealing the employment prospects of DeVry graduates; and (4) as a result, statements about DeVry’s business, operations, and prospects were false and/or misleading.
Specifically, on January 27, 2016, the Federal Trade Commission filed suit against DeVry, accusing them of deceptively advertising the benefits of obtaining a bachelor’s degree at DeVry University. Additionally, the U.S. Department of Education issued DeVry a Notice of Intent to Limit DeVry’s participation in programs authorized pursuant to Title IV of the Higher Education Act of 1965 as amended (“HEA”), 20 U.S.C. § 1070 et seq., after finding that DeVry was in violation of federal law.
On this news, DeVry’s share price fell from $23.74 per share on January 26, 2016 to a closing price of $20.09 on January 27, 2016—a $3.65 or a ~15.38% drop.
Additionally, over the next several trading days, DeVry’s stock price continued to decline, from $23.74 per share on January 26, 2016 to a closing price of $18.08 on February 2, 2016—a $5.66 or a ~23.84% drop.
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If you invested in DeVry stock or options between February 4, 2011 and January 27, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/DV. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding DeVry’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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