In re In re Apollo Group Inc. Securities Litigation, Master File No. CV-04-2147 PHX-JAT (District of Arizona)
N/AOUTCOME: Unanimous Jury Verdict for Plaintiffs/Investors
Representing class of investors in a national class action against the Apollo Group, parent company of the University of Phoenix, and two of its officers for violations of federal securities laws. The ... investors alleged that Apollo executives misled stockholders by withholding a scathing 2004 report by the U.S. Department of Education criticizing the University's recruiting practices. After a two month trial, on January 16, 2008, the jury returned a unaminous verdict for the investors. On June 23, 2010, the Court of Appeals for the Ninth Circuit reversed the Judge's post-trial ruling for Defendants and reinstated the jury's verdict for the investors. On March 7, 2011, the United States Supreme Court denied Defendants' petition for certiorari (review), thereby upholding the Court of Appeal's ruling and the jury's verdict entered three years early.
