DeVry investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, DeVry provides educational services worldwide through a number of subsidiaries, including DeVry University (“DVU” or “DeVry University”), one of the largest degree-granting higher education systems in the United States. Through its five colleges, DeVry University offers programs in healthcare, business, technology, accounting, finance and law. During the Class Period, the defendants boasted about the employment prospects of DeVry University graduates to investors and students alike, emphasizing that 90% of DVU graduates obtained employment in their field of study within six months of graduation and that DVU graduates’ salaries one year after graduation were 15% higher than the average or median salaries of graduates with bachelor’s degrees from all other colleges and universities.
The complaint alleges that throughout the Class Period, the defendants made 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.
According to the complaint, on January 27, 2016, the FTC filed suit against DeVry for engaging in deceptive practices by purposefully misrepresenting the benefits of obtaining a degree from DeVry University. Following this news, DeVry’s common stock price dropped 15%, or $3.65 per share, from $23.68 per share on January 26, 2016 to $20.09 per share closing on January 27, 2016.
If you are a member of the class described above, you may no later than July 12, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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