Ninth Circuit Reinstates Jury Verdict for Apollo Investors

6/23/2010 - In a press release issued today, Barrack, Rodos & Bacine, counsel for lead plaintiff the Policemen’s Annuity and Benefit Fund of Chicago ("PABF") and lead counsel for the class, announced that the United States Circuit Court of Appeals for the Ninth Circuit has ordered the reinstatement of the jury verdict entered on January 16, 2008, in favor of a class of investors who purchased common stock of Apollo Group, Inc. The jury verdict had been entered against Apollo, the parent company of the University of Phoenix, and two former Apollo executives, based on claims that they fraudulently misled investors about a U.S. Department of Education review report concerning Apollo’s student recruitment policies. The press release is available here.

According to BR&B partner Stephen R. Basser, the firm’s primary trial counsel in the case: “This is a great victory for shareholder rights in America. The PABF should be commended for stepping up and taking an active role as lead plaintiff to prosecute this important case, seeing it through to a successful jury verdict, and persevering through the appeal.” Leonard Barrack, BR&B's senior partner, stated: “We brought this case to protect the interests of investors. As we thanked the jury over two years ago for their close attention to the evidence in the case, and for keeping their eyes on the real story of what happened at this company, we are pleased that the Court of Appeals gave our appeal the consideration it deserved and reinstated the jury verdict in favor of Apollo shareholders.” BR&B's trial team consisted of partners Stephen R. Basser and Jeffrey A. Barrack and associate Samuel M. Ward.

For additional information about the verdict, the appeals court decision or the case in general, please contact Sam Ward by telephone at 619/230-0800 or by email at sward@barrack.com.