Apollo Group, Inc. Securities Litigation

On May 16, 2005, Lead Plaintiff, the Policemen’s Annuity and Benefit Fund of Chicago filed a Consolidated Class Action Complaint alleging, among other things, that Apollo and its senior management knowingly made a series of false and misleading statements and omissions when they spoke to the market during the Class Period.

Lead Plaintiff contends that during the Class Period, Defendants' false and misleading statements failed to timely, adequately or fully disclose, and in fact misstated, the existence and contents of an adverse Program Review Report issued to Apollo by the Department of Education on February 5, 2004 (“DOE Report”). Lead Plaintiff further alleges that, during the Class Period, Defendants painted a false picture of the true status of the Department of Education’s Program Review of Apollo and they concealed the existence and adverse findings, conclusions and requirements for corrective action set forth in the DOE Report.

Lead Plaintiff seeks monetary damages on behalf of itself and all other plaintiffs and members of the Class. The amount of monetary damages, if any, will be determined at trial.

Defendants deny that they engaged in any alleged wrongdoing. Defendants also raise several affirmative defenses including that they acted in good faith and in conformity with all applicable federal securities laws. The Court has not ruled on the merits of Lead Plaintiff’s allegations or on the denials and defenses made by the Defendants. Lead Plaintiff and Defendants have vigorously pursued discovery to obtain evidence to support their positions in this Action.

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