University Of Phoenix Rips Securities Class Action

Law360, New York (April 20, 2011, 1:46 PM EDT) -- The University of Phoenix's operator on Tuesday blasted a consolidated class action in Arizona alleging it hid from investors shady recruiting practices that caused the company's stock price to tank, saying the complaint lacks even the most rudimentary requirements for alleging fraud.

Apollo Group Inc., the company that runs the university, said the plaintiffs — led by the Oregon Public Employees Retirement Fund, the Mineworkers' Pension Scheme and Amalgamated Bank — seemed more interested in railing against the business of for-profit schools than making a plausible...
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