Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In DeVry Education Group, Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in DeVry Education Group, Inc. (“DeVry” or the “Company”) (NYSE:DV) of the July 12, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased or otherwise acquired DeVry securities between February 4, 2011 and January 27, 2016 (the “Class Period”). The case, Pension Trust Fund for Operating Engineers v. DeVry Education Group, Inc. et al, No. 1:16-cv-05198 was filed on May 13, 2016, and has been assigned to Judge Jorge Luis Alonso.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) the Company exaggerated its students’ ability to find employment upon graduation; (2) the Company overstated the average or median salary of DeVry graduates with bachelor’s degrees; (3) the Company exaggerated its growth, revenue, and earnings potential by concealing the employment prospects of DeVry graduates; and (4) as a result, statements about DeVry’s business, operations, and prospects were false and/or misleading.
Specifically, on January 27, 2016, the Federal Trade Commission filed suit against DeVry, accusing them of deceptively advertising the benefits of obtaining a bachelor’s degree at DeVry University. Additionally, the U.S. Department of Education issued DeVry a Notice of Intent to Limit DeVry’s participation in programs authorized pursuant to Title IV of the Higher Education Act of 1965 as amended (“HEA”), 20 U.S.C. § 1070 et seq., after finding that DeVry was in violation of federal law.
On this news, DeVry’s share price fell from $23.74 per share on January 26, 2016 to a closing price of $20.09 on January 27, 2016—a $3.65 or a ~15.38% drop.
Additionally, over the next several trading days, DeVry’s stock price continued to decline, from $23.74 per share on January 26, 2016 to a closing price of $18.08 on February 2, 2016—a $5.66 or a ~23.84% drop.
If you invested in DeVry stock or options between February 4, 2011 and January 27, 2016 and would like to discuss your legal rights, please fill out the form below or contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding DeVry’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.