Shareholders Foundation, Inc.

Apollo Group, Inc. Investor Lawsuit Update: Settlement Approved

A settlement in a lawsuit by certain investors of Apollo Group, Inc. (NASDAQ:APOL) was approved and other current APOL stockholders should contact the Shareholders Foundation, Inc.

 

San Diego, CA -- (SBWIRE) -- 05/16/2012 -- The Federal Judge presiding over the lawsuit against Apollo Group, Inc. filed by investors in NASDAQ: APOL shares between Feb. 27, 2004, to Sept. 14, 2004 gave final approval to a $145million settlement

Those who purchased Apollo Group, Inc. (NASDAQ: APOL) shares and presently hold those APOL shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

On April 20, 2012, the U.S. District Court for the District of Arizona approved the settlement agreement relating to the 2004 lawsuit against Apollo Group, Inc over alleged securities laws violations by alleged misrepresenting the status of the U.S. Department of Education program review of Apollo Group’s subsidiary, the University of Phoenix. The settlement needs final approval.

Under the settlement agreement, which had been previously approved by the court preliminarily, Apollo Group, Inc is required to pay $145.0 million. Eligible investors had until May 2, 2012 to submit their claim form to the class administrator.

Apollo Group, Inc currently faces a second class action lawsuit filed in 2010 for investors who purchased their APOL shares between May 21, 2007 and October 13, 2010.

For-profit colleges have faced scrutiny from the U.S. government over the last two years and the lawsuit stems from a report issued by the United States General Accounting Office in August 2010 entitled "For-Profit Colleges: Undercover Testing Finds Colleges Encouraged Fraud in Deceptive and Questionable Marketing Practices." The report concluded that for-profit educational institutions like Apollo Group, Inc had allegedly engaged in an illegal and fraudulent course of action designed to recruit students and over-charge the federal government for the cost of such education.

NASDAQ:APOL shares fell in November 2010 to as low as $34.46 per share.

On May 15, 2012, NASDAQ:APOL shares closed at $31.99 per share, significantly less from its current 52weekHigh of $58.29 per share.

Those who are current long-term investors in Apollo Group, Inc. (NASDAQ:APOL) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com