U.S. District Judge James Teilborg threw out the verdict in 2008, finding that Apollo stockholders couldn’t show their losses were caused by ex-CEO Todd Nelson’s withholding of a U.S. Education Department report that accused the company of violating a federal ban on paying staff on the basis of enrollment numbers. The Ninth Circuit, however, held this week that the jury could have “reasonably found” that analyst reports were “corrective disclosures” that deflated the stock price.
‘Enforcement 40’ for 2020
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