DeVry Education Group Inc (NYSE: DV) Investor Securities Class Action Lawsuit 05/13/2016

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Company Name(s): 
DeVry
Case Name: 
DeVry Shareholder Class Action Lawsuit 05/13/2016
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: DV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/13/2016
Class Period Begin: 
08/26/2011
Class Period End: 
01/27/2016
Court of Filing: 
U.S. District Court for the Northern District of Illinois
Deadline To File for Lead: 
07/12/2016
Summary: 

March 30, 2018 - Defendants filed a motion to dismiss.

January 29, 2018 - The lead plaintiff filed a third amended complaint.

December 6, 2017 - The court granted defendants' motion to dismiss without prejudice.

January 27, 2017 - Defendants filed a motion to dismiss.

December 23, 2016 - The lead plaintiff filed a second amended complaint.

November 8, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased DeVry Education Group Inc (NYSE: DV) common shares between August 26, 2011 and January 27, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 26, 2011 and January 27, 2016.

August 24, 2016 - Lead plaintiff and lead counsel were appointed.

May 13, 2016 - An investor in shares of DeVry Education Group Inc (NYSE: DV) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by DeVry Education Group Inc in connection with certain allegedly false and misleading statements made between February 4, 2011 and January 27, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of DeVry Education Group Inc (NYSE: DV) common shares between February 4, 2011 and January 27, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 4, 2011 and January 27, 2016, the defendants made false and/or misleading statements and/or failed to disclose, among other things, that DeVry University engaged in a multi-year deceptive marketing and advertising campaign, that DeVry University overstated its students' ability to find employment after graduation, that DeVry University overstated the potential income its students could earn after graduation, and that as a result, DeVry overstated its growth, revenue, and earnings potential by concealing the true employment prospects of DeVry University graduates to investors and potential students.

DeVry Education Group Inc reported that its Total Revenue declined from over $1.92 billion for the 12 months period that ended on June 30, 2014 to over $1.9 billion for the 12 months period that ended on June 30, 2015 and that its Net Income for those time periods declined from $150.99 million to $134.32 million.

On January 27, 2016, it was revealed that The U.S. Federal Trade Commission (“FTC”) filed a lawsuit against DeVry University, alleging the company deceived students about the prospect that they would find work. The FTC has accused the school of being deceptive in saying that 90 percent of DeVry graduates found work in their field within six months of graduation.

Shares of DeVry Education Group Inc (NYSE: DV) declined to as low as $17.98 per share on February 2, 2016.