NEW YORK, April 12, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers Apollo Education Group, Inc. securities (NASDAQ:APOL) from June 26, 2013 through October 21, 2015, all dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Apollo Education Group investors under the federal securities laws.
To join the Apollo Education Group class action, go to the firm’s website at http://rosenlegal.com/cases-863.html or call Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period issued materially false and misleading statements to investors and/or failed to disclose that: (1) a substantial portion of generated revenues was derived from improperly aggressive recruiting tactics at U.S. military bases across the country that contradicted an Executive Order President Barack Obama signed into law on April 27, 2012; (2) the improperly aggressive recruiting tactics also allegedly violated the express terms of the contractual agreements Apollo Education Group entered into with the U.S. Department of Defense (“DoD”) in February 2012 and July 2014 to permit the University of Phoenix to continue to participate in the DoD’s tuition assistance programs; (3) efforts to transition Apollo Education Group’s online classroom platform to a new “industry-leading private cloud infrastructure, offering enhanced scalability, reliability and performance” were failing because the new platform was not functioning as designed from its inception due to software compatibility problems, which led to a dramatic increase in student drop-out rates; (4) the software compatibility problems also adversely impacted new student enrollment; and (5) as a result, Apollo Education Group’s financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 13, 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, go to the firm’s website at http://rosenlegal.com/cases-863.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.