SAN FRANCISCO, June 07, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Hagens Berman Sobol Shapiro LLP:
To: All persons or entities who purchased or otherwise acquired securities of DeVry Education Group (NYSE:DV) (“DeVry” or the “Company") between February 4, 2011 and January 27, 2016
You have until July 12, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
If you suffered $200,000 or more in losses in DeVry, contact Hagens Berman Sobol Shapiro LLP partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing DV@hbsslaw.com or visiting https://www.hbsslaw.com/cases/DV .
According to the Federal Trade Commission and the U.S. Department of Education Defendants’ statements about the employment rates and salaries of its graduates were unlawful and unsubstantiated.
More specifically, throughout the class period, Defendants recruited students based on public statements that approximately 90% of DeVry graduates who were actively seeking employment landed or obtained new jobs in their field of study within six months of graduation (90% claims). Defendants also recruited based on public statements that students graduating with a bachelor’s degree from DeVry graduates earned more than similar graduates from other colleges (“higher income claims”).
On January 27, 2016, the U.S. Department of Education published its “Notice of Intent to Limit” finding DeVry is unable to substantiate the truthfulness of its statements about graduate employment rates as required by federal law. The same day, the U.S. Federal Trade Commission filed a lawsuit against DeVry alleging DeVry’s 90% claims and higher income claims violated the Federal Trade Commission Act, which prohibits unfair or deceptive practices.
On this news, the price of DeVry’s common stock fell 15% to close at $20.09 per share that day.
“DeVry’s 90% and higher income claims starkly contrast with its inability to substantiate them, all to its shareholders’ detriment, suggest fraud here,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding DeVry should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email DV@hbsslaw.com.
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