University Of Phoenix Owner Loses High Court Cert Bid

Law360, New York (March 7, 2011, 2:17 PM EST) -- The U.S. Supreme Court on Monday declined to weigh in on a purported circuit split involving loss causation in securities fraud cases, in a $280 million class action from the Ninth Circuit against the owner of the for-profit University of Phoenix.

The high court denied certiorari to Apollo Group Inc., owner and operator of the University of Phoenix, leaving in place an appeals court ruling in favor of a pension fund and other investors, who claimed the company tried to suppress a negative report that ultimately...
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