RADNOR, Pa., May 19, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against DeVry Education Group, Inc. (NYSE: DV) ("DeVry" or the "Company") on behalf of purchasers of the Company's securities between February 4, 2011 and January 27, 2016, inclusive (the "Class Period").
DeVry shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at firstname.lastname@example.org.
For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/devry-education-group-inc#join.
DeVry provides educational services worldwide through a number of subsidiaries, including DeVry University, one of the largest degree-granting higher education systems in the United States.
The shareholder class action complaint alleges that, during the Class Period, DeVry and certain of its executive officers made a series of false and/or misleading statements and/or failed to disclose to investors that: (i) 90% of DeVry University students from a specific year (e.g., graduates from 2011-2016) who were actively seeking employment did not in fact land or obtain new jobs in their field of study within six months of graduation; (ii) 90% of DeVry University students since 1975 who were actively seeking employment did not in fact land or obtain new jobs in their field of study within six months of graduation; (iii) one year after graduation, the average or median salary of DeVry University graduates with bachelor's degrees was not in fact 15% higher than the average or median salary of graduates with bachelor's degrees from all other colleges and universities; (iv) as a result, DeVry overstated its growth, revenue, and earnings potential by concealing the true employment prospects of DeVry University graduates to investors and potential students; and (v) as a result of the foregoing, the defendants' statements about DeVry's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On January 27, 2016, the Federal Trade Commission ("FTC") filed suit against DeVry and DeVry University accusing them of deceptively advertising the benefits of obtaining a bachelor's degree at DeVry University.
Also on January 27, 2016, the U.S. Department of Education issued DeVry University a Notice of Intent to Limit its participation in programs authorized pursuant to Title IV of the Higher Education Act of 1965, after finding that DeVry was in violation of federal law.
Following this news, shares of DeVry common stock declined $3.65 per share, or over 15%, to close on January 27, 2016 at $20.09 per share, on unusually heavy trading volume.
DeVry shareholders who purchased their securities during the Class Period (February 4, 2011 – January 27, 2016) may, no later than July 12, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Members of the purported class may petition the Court to be appointed as a lead plaintiff through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-devry-education-group-inc--dv-300271971.html
SOURCE Kessler Topaz Meltzer & Check, LLP