A deadline is coming up on August 3, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Apollo Group Inc (NASDAQ: APOL) between November 28, 2001 to October 18, 2006.
Investors who purchased a significant amount of shares of Apollo Group Inc (NASDAQ: APOL) between November 28, 2001 to October 18, 2006, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Apollo Group Inc (NASDAQ: APOL) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/apollo-group-inc-nasdaq-apol-investor-securities-class-action-lawsuit-11022006
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is August 3, 2015. The class action administrator for this case is Gilardi & Co LLC.
The lawsuit was originally filed in the U.S. District Court for the District of Arizona against Apollo Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 28, 2001 and October 18, 2006. The complaint alleged that between November 28, 2001 and October 18, 2006, defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making materially false and misleading statements to artificially inflate the value of Apollo Group Inc stock (NASDAQ: APOL). Specifically, it is alleged that between November 28, 2001 and October 18, 2006, the defendants represented to investors that it issued stock options to management in accordance with all applicable laws and rules while, in fact, it “backdated” options granted to all levels of management. On June 9, 2006, in the midst of a nation-wide options scandal in connection with the backdating of options, Apollo Group Inc announced that it had performed a review of its stock option practices during fiscal 2000-2004 and initially concluded that it had “complied with all applicable laws,” and it would hire an outside firm to review those conclusions. Apollo Group Inc flatly denied that it had backdated options. These statements were false and misleading when made because the defendants failed to disclose or indicate that they knew that the option grant process was deficient and could cause Apollo Group Inc to restate its financial statements. Apollo Group Inc shocked the investing public when, on October 18, 2006, it disclosed that on June 23, 2006 Apollo Group Inc’s Board of Directors appointed a special committee of two independent Board members to oversee the investigation of Apollo Group Inc’s stock option grant practices. Further, it was disclosed that the independent outside counsel retained by the special committee had themselves engaged independent accounting advisors to assist in the investigation. In addition, the Company for the first time disclosed that “various deficiencies in the process of granting and documenting stock options have been identified to date.” Finally, and most unfortunately for Apollo Group Inc shareholders, the company disclosed for the first time that “[t]he accounting impact of these matters has not been quantified. There can be no assurance that the results of the investigation will not require a possible restatement of Apollo Group Inc’s financial statements when the potential errors are quantified and assessed.” The market reacted quickly to these announcements. Apollo Group Inc (NASDAQ: APOL) stock price plummeted to $37.55 per share from its prior day close of $48.68 per share, a 22.86% drop in one day, on massive volume of 28,738,800 shares, more than fifteen times more than the prior day’s volume.
Apollo Group Inc, located in Phoenix, AZ provides private education services online and on-campus undergraduate, graduate, professional development, and other non-degree educational programs.
Those who purchased shares of Apollo Group Inc (NASDAQ: APOL) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com