DeVry Inc. (NYSE:DV) Hit By Lawsuit By former Employee

Former employees and or current long-term holders in shares of DeVry Inc. (NYSE:DV) have certain options and should contact the Shareholders Foundation, Inc.

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Case Name: 
DeVry Employee Lawsuit 01/18/2013
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Date Filed: 

Jan. 22, 2013 (Shareholders Foundation) -- A former employee filed a lawsuit against DeVry University alleging the University would bribe students for good reviews and coerces targets to enroll. Meanwhile an investigation on behalf of current long-term investors in shares of DeVry Inc. (NYSE:DV) continues concerning whether certain directors and officers of DeVry Inc. breached of fiduciary duties.

The investigation by a law firm concerns whether certain DeVry Inc. (NYSE:DV officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

The former employee of DeVry University filed a lawsuit alleging the University would work around federal regulations and bribe students for good reviews.

Devry INc, has been sued multiple times by investors. At least three investors have filed lawsuits against the board of directors. In addition a lawsuit for investors who purchased shares of DeVry Inc. (NYSE:DV) between Oct. 25, 2007 and August 13, 2010 is currently pending. The lawsuit alleges that DeVry Inc violated Federal Securities Laws by issuing allegedly false and misleading statements between Oct. 25, 2007 and August 13, 2010.

DeVry Inc. reported that its Total Revenue declined from over $2.18 billion for the 12 months period that ended on June 30, 2011 to over $2.08 billion for the 12 months period that ended on June 30, 2012 and its Net Income for the respective time periods fell from $330.40 million to $141.56 million.

Shares of DeVry Inc. (NYSE:DV) declined from as high as over $70 per share in 2010 and almost $66 per share in 2011 to as low as $18.35 per share in August 2012.

On Jan. 18, 2013, NYSE:DV shares closed at $24.00 per share.