SAN FRANCISCO, April 15, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Apollo Education Group Incorporated (NASDAQ: APOL ) investors of the May 13, 2016 lead plaintiff deadline in the securities fraud class action lawsuit related to alleged misstatements about the Company’s non-compliance with an Executive Order President Barrack Obama signed into law on April 27, 2012 and the adverse impacts on APOL’s business due to software compatibility problems.
If you suffered significant losses in excess of $100,000 because of your purchases of APOL between June 26, 2013 and October 21, 2015 , or have information that will help our continuing investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000 , emailing APOL@hbsslaw.com or visiting https://www.hbsslaw.com/cases/APOL . The lawsuit was filed in the U.S. District Court for the District of Arizona and investors have until May 13, 2016 to move the court to participate as a lead plaintiff.
The class action complaint alleges that APOL and certain of its directors and executives made false and misleading statements and/or failed to disclose that: (1) a substantial portion of generated revenues were derived from improperly aggressive recruiting tactics at U.S. military bases nationwide in violation of President Obama’s Executive Order; (2) these improper recruiting tactics violated contractual agreements APOL entered into with the U.S. Department of Defense (“DoD”) in February 2012 and July 2014 to permit the University of Phoenix to participate in the DoD’s tuition assistance programs; (3) efforts to transition APOL’s online classroom platform to a new “industry-leading private cloud infrastructure, offering enhanced scalability, reliability and performance” were failing because the new platform was not functioning as designed from its inception due to software compatibility problems, leading to a dramatic increase in student drop-out rates; (4) the software compatibility problems also adversely impacted new student enrollment; and (5) as a result, APOL’s financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Whistleblowers: Persons with non-public information regarding APOL should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email APOL@hbsslaw.com .
About Hagens Berman Hagens Berman is headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . Read the Firm’s Securities Newsletter , and visit the blog . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
CONTACT: Contact: Reed Kathrein, 510-725-3000
