WILMINGTON, Del., May 17, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of DeVry Education Group, Inc. (NYSE:DV)?
- Did you purchase your shares between February 4, 2011 and January 27, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed 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 Education Group, Inc. (“DeVry” or the “Company”) (NYSE:DV) between February 4, 2011 and January 27, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of DeVry during the Class Period, or purchased shares prior to the Class Period and still hold DeVry, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/devry-education-group-inc-dv.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) 90% of DeVry University students from a specific year (e.g., graduates from 2011-2016) who were actively seeking employment did not in fact land or obtain new jobs in their field of study within six months of graduation; (2) 90% of DeVry University students since 1975 who were actively seeking employment did not in fact land or obtain new jobs in their field of study within six months of graduation; (3) one year after graduation, the average or median salary of DeVry University graduates with bachelor’s degrees was not in fact 15% higher than the average or median salary of graduates with bachelor’s degrees from all other colleges and universities; (4) as a result, DeVry overstated its growth, revenue, and earnings potential by concealing the true employment prospects of DeVry University graduates to investors and potential students; and (5) as a result of the foregoing, Defendants’ statements about DeVry’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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 as amended, 20 U.S.C. § 1070 et seq., after finding that DeVry was in violation of federal law.
On this news, 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. Any member of the proposed 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.
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