SOURCE: Izard Nobel LLP

November 08, 2010 16:07 ET

Izard Nobel LLP Announces Class Action Lawsuit Against DeVry, Inc.

WEST HARTFORD, CT--(Marketwire - November 8, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of the common stock of DeVry, Inc. ("DeVry" or the "Company") (NYSE: DV) between October 25, 2007 and August 13, 2010, inclusive (the "Class Period"). 

The Complaint charges DeVry, a global provider of educational services, and certain of its officers and directors with violations of federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following: (i) the Company had engaged in improper and deceptive recruiting and financial aid lending practices and, due to the government's scrutiny into the for-profit education sector, DeVry would be unable to continue these practices in the future; (ii) DeVry failed to maintain proper internal controls; and (iii) many of the Company's programs were in jeopardy of losing their eligibility for federal financial aid.

On August 13, 2010, after the market closed, the U.S. Department of Education released data on federal student-loan repayment rates at the nation's colleges and universities. The data showed that the repayment rate at DeVry was just 38%. On this news, DeVry stock dropped 8.76% from a closing price of $42.71 on August 13, 2010 to a closing price of $38.97 per share on August 16, 2010.

If you are a member of the class, you may, no later than December 31, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/devry/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

Contact Information