When the DoD formally placed the University of Phoenix on probation on October 7, 2015, and banned it from recruiting on military bases and prevented troops from using federal funds for its classes, the price of Apollo common stock plunged further. And when Apollo disclosed on October 22, 2015 that its fourth quarter and fiscal year 2015 results had been negatively impacted and that its future results would continue to be negatively impacted by actions the company had been forced to take to bring its operations into compliance with the law, the price of the common stock fell further. The shares declined nearly $29 per share, or approximately 80%, from their Class Period high to close at $7.19 per share on October 22, 2015.Though the company has since reported that the DoD lifted the ban on troops using federal funds for University of Phoenix courses, the University of Phoenix remains on formal probation with the DoD and under intense scrutiny, and Apollo has agreed to sell itself to a private equity fund for $9.50 per share, down more than 73% from the stock's Class Period high. If you purchased Apollo securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you. Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.
Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities who acquired Apollo Education Group, Inc. (NASDAQ:APOL) securities between June 26, 2013 and October 21, 2015, inclusive (the "Class Period"). The lawsuit alleges that throughout the Class Period, Apollo reported generating billions of dollars in revenue while concealing that a substantial portion of that revenue was derived through improperly aggressive recruiting tactics undertaken at U.S. military bases across the country that contradicted an Executive Order signed into law by President Barack Obama on April 27, 2012. The express intent of the Executive Order was to stop for-profit secondary education providers like the University of Phoenix from continuing to take advantage of present and former members of the U.S. military. Apollo's improperly aggressive recruiting tactics also allegedly violated the terms of the contractual agreements the company had 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. As a result of Defendants' false statements during the Class Period, which emphasized Apollo's financial successes and strong financial prospects, the price of Apollo's common stock allegedly traded at artificially inflated levels, reaching a Class Period high of $35.92 per share in intraday trading on January 22, 2014. With the price of the stock artificially inflated, certain of Apollo's senior executives cashed in, selling almost $42 million of their personally held shares at artificially inflated prices. On June 30, 2015, the Center for Investigative Reporting ("CIR") published an exposé entitled "University of Phoenix sidesteps Obama order on recruiting veterans." In its exposé, CIR detailed how the University of Phoenix was violating President Obama's Executive Order, as well as the contractual agreements the University of Phoenix had entered into with the DoD, through a variety of improperly aggressive recruiting tactics. That same day U.S. Senator Richard J. Durbin sent a letter to Secretary of Defense Ashton Carter bringing the matters raised in the CIR exposé to his attention and calling for the military to investigate and put an end to the illicit recruiting tactics.