Judge Pares Down Backdating Suit V. Apollo Group

Law360, New York (April 1, 2009, 12:00 AM EDT) -- A judge has tossed claims from a securities class action alleging executives of Apollo Group Inc. — the for-profit company that runs the University of Phoenix — backdated stock option grants for five years.

In his 138-page order Friday, Judge Broomfield of the U.S. District Court for the District of Arizona agreed to grant in part Apollo's motion to dismiss the suit, tossing several claims of insider trading, personal liability, aiding and abetting, and civil conspiracy.

The judge did, however, grant the lead plaintiff's request for...
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