U.S. Supreme Court Upholds Jury Verdict for Apollo Investors

3/7/2011 - In a press release issued today, Barrack, Rodos & Bacine, counsel for lead plaintiff the Policemen’s Annuity and Benefit Fund of Chicago ("PABF") and lead counsel for the class, announced that the United States Supreme Court has denied the petition for certiorari submitted by defendants in In re Apollo Group Inc. Securities Litigation.  Defendants had sought review of the June 2010 order of the U.S. Circuit Court of Appeals for the Ninth Circuit reinstating the jury verdict entered on January 16, 2008, in favor of a class of investors who purchased common stock of Apollo Group, Inc. The jury verdict had been entered against Apollo, the parent company of the University of Phoenix, and two former Apollo executives, based on claims that they fraudulently misled investors about a U.S. Department of Education review report concerning Apollo’s student recruitment policies. The press release is available here.

Leonard Barrack, BR&B's senior partner, stated: “We are pleased that the United States Supreme Court has upheld the work of the jury and the decision of the Court of Appeals that reinstated the jury verdict in favor of Apollo shareholders.” And Stephen R. Basser, who served as the firm’s primary trial counsel in the case, stated: “With this Supreme Court victory, we are eager to begin the process of securing the damages awarded to Class members by the jury verdict achieved over three years ago. Members of the Class should retain their records showing their purchases, sales and holdings of Apollo Group stock.” BR&B's trial team consisted of partners Stephen R. Basser, Jeffrey A. Barrack and Samuel M. Ward.

For additional information about the verdict, the appeals court decision, the Supreme Court’s action or the case in general, please contact BR&B partner Stephen R. Basser by telephone at 619/230-0800 or by email at sbasser@barrack.com.