DeVry Inc. Former Student Investigation

If you are a former or current student of DeVry Inc. , including its Advanced Academics, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine, who experienced any fraud, wrongdoing, deceptive and questionable marketing practices, or had any school loan issues,, or if you have information relating to the investigation including also former employees or whistleblowers, you have options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
DeVry
Affected Securities: 
NYSE: DV

An investigation on behalf of former and current students of DeVry Inc. , including its Advanced Academics, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine, was announced in connection with the report by the Government Accountability Office with the title "For-Profit Colleges: Undercover Testing Finds Colleges Encouraged Fraud in Deceptive and Questionable Marketing Practices."

DeVry Inc. is a provider of educational services and the parent organization of Advanced Academics, Becker Professional Education, Carrington College and Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University.
DeVry Inc. faces a lawsuit on behalf of purchasers of the common stock of DeVry Inc. (NYSE:DV) between October 25, 2007 and August 13, 2010 against DeVry Inc. for allegedly violating Federal Securities Laws. According to this complaint filed in the United States District Court for the Northern District of Illinois the plaintiff alleges that DeVry Inc. violated the Securities Exchange Act of 1934 by issuing between October 25, 2007 and August 13, 2010 materially false and misleading statements regarding DeVry’s business and financial results. The lawsuit followed a report by the U.S. Government Accountability Office with the title “Undercover Testing Finds Colleges Encouraged Fraud and Engaged in Deceptive and Questionable Marketing Practices” which detailed undercover investigations into 15 for-profit schools that uncovered misconduct by school staff.

On August 4, 2010, the Senate Health, Education, Labor, and Pensions Committee conducted a hearing on for-profit education firms, where Government Accountability Office representative, George Kutz, presented the findings of report GAO-10-948T, "For-Profit Colleges: Undercover Testing Finds Colleges Encouraged Fraud in Deceptive and Questionable Marketing Practices." The report detailed undercover investigations into 15 for-profit schools that uncovered misconduct by school staff. According to this GAO study, the college personnel at schools owned by Education Management Corp. may have encouraged applicants to falsify their financial aid forms to qualify for federal aid and pressured applicants to sign a contract for enrollment prior to allowing them to speak to a financial advisor.

According to the investigation by a law firm former and current students of DeVry Inc. , including its Advanced Academics, Becker Professional Education, Carrington College, Carrington College California, Chamberlain College of Nursing, DeVry Brasil, DeVry University, and Ross University Schools of Medicine may have material information concerning those allegations and may be eligible to file a complaint for allegedly misleading students.

Also whistleblowers may according to the law firm be able to assist or file their own complaint. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law in July the SEC can award between 10 percent and 30 percent of any monetary sanctions of more than $1 million to whistleblowers who provide “original information” leading to a successful SEC enforcement, so the law firm. Whistleblowers may remain completely anonymous and work with the SEC through an attorney. Under the new law, so the investigation, whistleblowers are also granted expanded rights and protections against employer retaliation when disclosing information of corporate wrongdoing to the SEC.

Recently the Attorney General of Florida Bill McCollum launched an investigation into some for-profit education companies. On October 19, 2010, the Wall Street Journal reported that Florida Attorney General's office has launched an investigation into five for-profit colleges, including four publicly traded schools, seeking information on potential misrepresentations in financial aid, recruitment and other areas. The state is reportedly looking into allegations at Washington Post Co.'s (WPO) Kaplan Inc.--including its Kaplan University, Kaplan Educational Centers and Kaplan College units--and at Education Management Corp.'s (EDMC) Argosy University, Apollo Group Inc.'s (APOL) University of Phoenix; Corinthian Colleges Inc.'s (COCO) Everest College and privately held MedVance Institute.