Law firm Barrack Rodos & Bacine has won what is believed to be the largest plaintiffs verdict in a securities class action case since the Private Securities Litigation Reform Act was passed in 1995. The lawsuit is thought to be one of only a handful of cases of its kind to go to trial since then.
Phoenix-based for-profit corporation Apollo Group Inc., which owns the University of Phoenix, and its former chief executive officer and chief financial officer were ordered by a federal jury in Arizona to pay as much as $5.55 per share to a class of shareholders who alleged the company knowingly deceived them from Feb. 27, 2004, through Sept. 14, 2004, by hiding a U.S. Department of Education report that charged the university with violating federal regulations governing its student recruitment practices.
