American Public Education Inc (NASDAQ: APEI) Investor Securities Class Action Lawsuit 08/13/2010

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Company Name(s): 
American Public Education
Case Name: 
American Public Education Shareholder Class Action 08/13/2010
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: APEI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/13/2010
Class Period Begin: 
02/22/2010
Class Period End: 
08/05/2010
Court of Filing: 
U.S. Disrtict Court for the Northen District of West Virginia
Deadline To File for Lead: 
10/11/2010
Case Dismissed: 
12/08/2011
Summary: 

December 8, 2011 - The court entered a judgment in favor of the defendants.

December 8, 2011 - The court granted the defendants' motion to dismiss and dismissed the case with prejudice. The matter was ordered stricken from the active docket of the court.

March 10, 2011 - Defendants filed a motion to dismiss.

January 25, 2011 - The lead plaintiff filed an amended complaint.

November 10, 2010 - The lead plaintiff and lead counsel were appointed.

October 12, 2010 - Lead plaintiff motions were filed.

August 12, 2010 - An investor in shares of American Public Education Inc (NASDAQ: APEI) filed a lawsuit in the United States District Court for the Northern District of West Virginia against American Public Education Inc over alleged violations of Federal Securities Laws violations in connection with certain allegedly false annd misleading statements made between February 22, 2010 and August 5, 2010.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of American Public Education Inc (NASDAQ: APEI) between February 22, 2010 and August 5, 2010, that American Public Education and certain of its Officers violated the Securities Exchange Act of 1934 by issuing between February 22, 2010 and August 5, 2010, a series of materially false and misleading statements related its business and operations. American Public Education’s revenue increased over the past four years from $40.05 million in 2006, to $69.09 million in 2007, to $107.15 million in 2008, and $149 million in 2009. Over the same time period its Net Income rose from $1.80 million in 2006 to $23.94 million in 2009.

On August 5, 2010, American Public Education Inc announced its second-quarter 2010 financial results and revised downward its third-quarter revenue guidance, stating it expects to tighten its recruitment standards for new students. The announcement followed the release of a report by the U.S. Government Accountability Office that found some for-profit colleges encouraged fraud and engaged in deceptive and otherwise questionable marketing and sales practices directed toward prospective students.

After the announcement shares of American Public Education Inc (NASDAQ: APEI) declined decreased drastically by more than 30% from $44.79 per share on August 05 to $29.34 per share on August 06 and continued to declined to as low as $25.63 per share on August 12, 2010. American Public Education Inc (NASDAQ: APEI) shares are down from its 52 week High of $48.95 per share, $45.19 per share during 2009, and $49.38 per share in 2008.

American Public Education Inc, Charles Town, WV, is a provider of online post-secondary education focusing on the needs of the military and public service communities.