Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against DeVry Education Group, Inc. (DV)


NEW YORK, May 20, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against DeVry Education Group, Inc. (“DeVry” or the “Company”) (NYSE:DV) in the United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased the common stock of DeVry between February 4, 2011 and January 27, 2016, inclusive (“Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that, during the Class Period, Defendants concealed from the investing public the true statistics relating to the efficacy of its education programs in relation to job placement of its students upon graduation.  As a result of Defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

On January 27, 2016, the Federal Trade Commission filed suit against DeVry and DeVry University accusing them of deceptively advertising the benefits of obtaining a bachelor’s degree at DeVry University.  Also, on January 27, 2016, the U.S. Department of Education issued DeVry University a Notice of Intent to Limit DeVry University’s participation in programs authorized pursuant to Title IV of the Higher Education Act of 1965.

After this news was released, shares of DeVry dropped over 15%, closing at $20.09 per share on January 27, 2016, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than July 12, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.