Court Dismisses Lawsuit against Apollo Group

The U.S. District Court for the District of Arizona has dismissed the Teamsters Local Union 617 class action lawsuit against Apollo Group Inc.

The court has dismissed with prejudice the lawsuit, called Teamsters Local 617 Pension & Welfare Funds v. Apollo Group Inc. et al, and entered a judgment in favor of Apollo Group.

Apollo group filed an 8-K with the U.S. Securities and Exchange Commission today, saying an appeal is expected.

Apollo is the parent company of University of Phoenix.

The lawsuit was filed in 2006, alleging Apollo’s current and former directors and officers violated federal securities laws by making misrepresentations concerning stock option granting practices and related accounting.

PHOENIX BUSINESS JOURNAL

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