DeVry Inc. Faces Investor Investigation Over Possible Securities Laws Violations

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San Diego, Aug 22, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of DeVry Inc. (NYSE: DV) over possible Violations of Securities Laws by DeVry Inc and others was announced.

The investigation by a law firm focuses on possible NYSE:DV shareholder claims based on potential violations of the federal securities laws. Specifically the investigation concerns whether DeVry Inc. or others may have violated securities laws by issuing a series of statements regarding its business, its prospects and its operations that were materially false and misleading at the time they were made.

DeVrys’ revenue more than doubled within the past four 12months filing periods. DeVry Inc. reported on June 30, 2007 for the past 12 months Total Revenue of $933.47million and on June 30, 2010 a Total Revenue of $1.91518billion. Its Net Income more than tripled over the same time frame. DeVry Inc. reported on June 30, 2007 $76.19million and on June 30, 2010 $279.91million.

In August 2010 the U.S. Government Accountability Office (“GAO”) issued a report titled “Undercover Testing Finds Colleges Encouraged Fraud and Engaged in Deceptive and Questionable Marketing Practices” that detailed undercover investigations into 15 for-profit schools that uncovered misconduct by school staff. In particular, so the report, admissions or financial aid representatives at all 15 for-profit colleges provided their undercover applicants with deceptive or otherwise questionable statements, which included information about the college’s accreditation, graduation rates and its student’s prospective employment and salary qualifications, duration and cost of the program, or financial aid. Representatives at certain schools also employed hard-sell sales and marketing techniques to encourage students to enroll, so the report.

Shares of DeVry Inc. (Public, NYSE:DV) increased from as low as $37.98 in August 2010 to as high as $66.55 in July 2011.

On August 11, 2011 DeVry Inc. (DV) reported financial results for its fiscal 2011 fourth quarter and full year ended June 30, 2011.

However, since July 2011 NYSE DV shares fell to under $40 per share and closed on Friday, August 19, 2011 at $39.46 per DV share.