Apollo Group Inc., parent of University of Phoenix, says a judge overturned a $277 million verdict against it in a securities lawsuit.
U.S. District Court Judge James A. Teilborg threw out the verdict that found Apollo failed to disclose a report critical of its operations. The court found that an analyst’s report on which the plaintiff’s case heavily relied was not a "corrective" disclosure.
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P. Robert Moya, senior vice president, general counsel and secretary for Apollo, said it always has been his company’s position that the plaintiffs did not suffer any damages arising from the disclosure of the initial report.
Comments
Ripped Off Student wrote on Aug 9, 2008 2:51 PM:
That is to the judge who overturned the lower court's decision.
What a shame! Same old America.
As the crooks turn and bend the law for their own benefit. If UOP is getting away with this kind of stuff, you can only imagine what they've done to the underserved student population that UOP purports to be helping them access higher education. "