BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of DeVry Education Group Inc. (“DeVry” or the “Company”) (NYSE: DV) concerning the Company and its officers’ possible violations of federal securities laws. Injured investors are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights, and a potential class action lawsuit to recover investors’ losses.
On Wednesday, January 27, 2016, the U.S. Federal Trade Commission (“FTC”) filed a lawsuit against DeVry University, accusing the company of deceiving students about the likelihood that they would be able to find work upon graduation. The FTC has accused DeVry of being deceitful through its claim that 90 percent of DeVry graduates found work in their field within six months of graduation. On this news, shares of DeVry fell approximately 20% in mid-morning trading on January 27, 2016.
Additionally, on Thursday, February 4, 2016, DeVry reported a fiscal second-quarter loss of $50.6 million, after reporting a profit in the same period a year earlier. On this news the Company’s shares fell $2.31 per share, or over 10%, during intraday trading on February 5, 2016.
Update: Following review of the FTC lawsuit, on Monday, March 14, 2016, the Department of Veterans Affairs (the, “VA”) revoked DeVry’s status as a “Principles of Excellence” institution. Echoing allegations put forth in the FTC lawsuit, the VA accuses DeVry of utilizing misleading and deceptive marketing methods in its attempt to entice students.
On this news, shares of DeVry fell nearly 4%, closing at $20.67 on March 14, 2016.
If you purchased DeVry securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by e-mail to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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