Apollo Group (APOL) Discloses Purported Class Action Lawsuit
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Apollo Group Inc. (Nasdaq: APOL) disclosed in an 8-K filing that it has received a copy of a complaint in a purported class action lawsuit naming Apollo Group and several current senior executives as defendants. The complaint, which was filed in the U.S. District Court for the District of Arizona, alleges that Apollo Group and the other named defendants made materially false and misleading statements between December 7, 2009 and August 3, 2010 about Apollo Group and its business in violation of federal securities laws, and that these statements artificially inflated the trading price of the Apollo common stock to the detriment of shareholders who purchased shares during that time. Plaintiff seeks compensatory damages for the purported class.
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