Robbins Geller Rudman & Dowd LLP Announces Pendency of Class Action and Proposed Settlement

PHOENIX--()--The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Apollo Group, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT
DISTRICT OF ARIZONA

   

TEAMSTERS LOCAL 617 PENSION AND

No. 2:06-cv-02674-DLR

WELFARE FUNDS, on behalf of itself and

CLASS ACTION

all other similarly situated,

Plaintiff,
vs.
APOLLO GROUP, INC., et al.,
Defendants

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT

IF YOU PURCHASED OR OTHERWISE ACQUIRED APOLLO EDUCATION GROUP, INC., FORMERLY KNOWN AS APOLLO GROUP, INC. (“APOLLO”) SECURITIES FROM NOVEMBER 28, 2001 THROUGH AND INCLUDING OCTOBER 18, 2006 (THE “SETTLEMENT CLASS”), YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT. CERTAIN PERSONS ARE EXCLUDED FROM THE DEFINITION OF THE SETTLEMENT CLASS AS SET FORTH IN THE STIPULATION OF SETTLEMENT.

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the United States District Court for the District of Arizona, that the above-captioned litigation (the “Litigation”) has been preliminarily certified as a class action for the purposes of settlement only and that a Settlement has been proposed for $13,125,000 in cash. A hearing will be held on July 28, 2015, at 1:30 p.m., before the Honorable Douglas L. Rayes at the Sandra Day O’Connor U.S. Courthouse, 401 West Washington Street, SPC 79, Phoenix, Arizona, for the purpose of determining whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) the proposed Plan of Allocation for distribution of the settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (3) the application of Lead Plaintiff’s counsel for the payment of attorneys’ fees and expenses, including Lead Plaintiff’s expenses incurred in connection with the Litigation, should be approved.

If you are a Member of the Settlement Class described above, your rights may be affected by the Settlement of the Litigation, and you may be entitled to share in the Settlement Fund. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release, you may obtain a copy of these documents by contacting the Claims Administrator: Apollo Securities Litigation, c/o Gilardi & Co. LLC, P.O. Box 990, Corte Madera, CA 94976-0990, 1-877-430-3691. You may also obtain copies of the Stipulation of Settlement, Notice and Proof of Claim and Release at www.apollosecuritiessettlement.com.

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release by mail or online no later than August 3, 2015. If you are a Settlement Class Member and do not submit a valid Proof of Claim and Release, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will still be bound by any judgment entered by the Court in this Litigation (including the releases provided for therein).

To exclude yourself from the Settlement Class, you must submit a written request for exclusion postmarked by July 6, 2015 in accordance with the instructions set forth in the Notice. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by any judgment entered by the Court in this Litigation (including the releases provided for therein) whether or not you submit a Proof of Claim and Release. If you submit a written request for exclusion, you will have no right to recover money pursuant to the Settlement.

Any objection to the proposed Settlement must be filed with the Court and delivered such that it is received by each of the following no later than July 6, 2015:

CLERK OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF ARIZONA
Sandra Day O’Connor U.S. Courthouse
401 West Washington Street
Suite 130, SPC 1
Phoenix, AZ 85003-2118

Lead Counsel:
ROBBINS GELLER RUDMAN & DOWD LLP
JEFFREY D. LIGHT
655 West Broadway, Suite 1900
San Diego, CA 92101

Defense Counsel:
MORGAN LEWIS & BOCKIUS LLP
JOSEPH E. FLOREN
BRIAN A. HERMAN
One Market Street
Spear Street Tower
San Francisco, CA 94105

JENNINGS STROUSS & SALMON PLC
MICHAEL J. FARRELL
One E. Washington, Suite 1900
Phoenix, AZ 85004-2554

SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
ERIC WAXMAN
PETER B. MORRISON
300 South Grand Avenue, Suite 3400
Los Angeles, CA 90071

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel at the address listed above or by calling 1-800-449-4900.

The term “Apollo Securities” means and includes Apollo Education Group Class A common stock, University of Phoenix Online common stock, and any call options or put options on the same. With respect to put options, references to “purchases” of Apollo Securities mean writing of put options.

DATED: April 23, 2015

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF ARIZONA

Contacts

Robbins Geller Rudman & Dowd LLP
Ellen Gusikoff Stewart, 619-231-1058

Contacts

Robbins Geller Rudman & Dowd LLP
Ellen Gusikoff Stewart, 619-231-1058