Apollo Group Wins Reversal Of $280M Verdict

Law360 (August 5, 2008, 12:00 AM EDT) -- A judge has overturned a $280 million jury verdict in a securities fraud suit against Apollo Group Inc. — the for-profit company that runs the University of Phoenix — saying the jury had insufficient evidence to find in favor of shareholders.

Judge James Teilborg of the U.S. District Court for the District of Arizona ruled that the plaintiffs had not adequately established that two reports by a market analyst corrected earlier misleading comments by the company about the university's recruitment policies.

The suit was brought in...
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