Exec Liability Back In Play In Apollo Backdating Suit

Law360, New York (February 24, 2010, 12:43 PM EST) -- A federal judge has conceded that he wrongly dismissed control person liability claims against the top brass at Apollo Group Inc., the company that runs the for-profit University of Phoenix, from a class action over alleged stock option backdating practices.

In a blow to a group of Apollo’s directors and officers on Friday, Judge Robert Broomfield of the U.S. District Court for the District of Arizona granted the lead plaintiff’s motion to reconsider the March 2009 dismissal and vacate a judgment that freed the five executives...
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