Apollo Group Settles Shareholder Derivative Suits

Law360, New York (May 5, 2008, 12:00 AM EDT) -- The for-profit company that runs the University of Phoenix has agreed to settle a pair of shareholder derivative lawsuits that accuse its executives of options backdating.

The U.S. District Court for the District of Arizona and a Superior Court in Phoenix preliminarily approved the settlement on April 18 and April 28, respectively. The company, Apollo Group Inc., then announced the settlement Friday in a filing with the U.S. Securities and Exchange Commission.

Under the terms of the settlement, Apollo will reprice 413,000 outstanding stock options held...
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