Hagens Berman Sobol Shapiro LLP, a securities law firm, today announced
that it is investigating Apollo Group, Inc. (NASDAQ: APOL) ("Apollo")
following a significant drop in the company's stock price and concerns
about the University of Phoenix's accreditation.
Investors who purchased or otherwise acquired Apollo stock since July
12, 2011, and who have suffered significant financial losses may contact
Hagens Berman attorney Reed R. Kathrein, who is leading the firm's
investigation, for a consultation. Investors can contact Mr. Kathrein by
calling (510) 725-3000 or by emailing APOL@hbsslaw.com.
Additionally, witnesses and other persons with knowledge that may help
the investigation are encouraged to contact Mr. Kathrein. The SEC has
finalized new rules as part of its implementation of the whistleblower
provisions in the Dodd-Frank Wall Street Reform Bill. The rules protect
whistleblowers from employer retaliation and allow the SEC to reward
those who provide information leading to a successful enforcement with
up to 30 percent of the recovery.
Apollo owns the University of Phoenix education system, a for-profit
network offering online and traditional courses throughout the United
States. Apollo receives 91 percent of its total consolidated net revenue
from the University of Phoenix.
On Jan. 9, 2013, the company disclosed that The Higher Learning
Commission ("HLC"), which accredits the University of Phoenix, may put
it "on notice," and formally sanction the school. The reasons for the
potential action by The Higher Learning Commission have not yet been
specified by Apollo.
In July 2011, the HLC informed Apollo that there remained significant
questions and areas that the University of Phoenix should work on
improving and that these areas of concern would be reviewed at the next
previously scheduled comprehensive evaluation visit in March 2012. On
Oct. 19, 2011, Apollo stated that it was making preparations for the
upcoming HLC visit and was "well-prepared" for the visit. The HLC began
its comprehensive reaffirmation evaluation of the University of Phoenix
in March 2012.
Hagens Berman attorneys are investigating what Apollo and certain of its
executives knew about the Higher Learning Commission's concerns, what it
did to respond to these concerns, and what Apollo knew about the
improving or deteriorating conditions at the University of Phoenix
underlying these concerns.
Additional information is available at http://hb-securities.com/investigations/Apollo.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law
firm with offices in 10 cities. The firm represents whistleblowers,
workers and consumers in complex litigation. More about the law firm and
its successes can be found at www.hbsslaw.com.
The firm's securities law blog is at www.meaningfuldisclosure.com.
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