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Devry University

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DO NOT GO TO DEVRY UNIVERSITY OR ANY OTHER PRIVAT FOR PROFIT SCHOOL.

DO NOT GO TO DEVRY UNIVERSITY OR ANY OTHER PRIVAT FOR PROFIT SCHOOL.


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  • 1. {“The Complaint charges DeVry, a global provider of educational services, and certainof its officers and directors with violations of federal securities laws. Specifically, I, theComplaint alleges that defendants failed to disclose the following: the Company hadengaged in improper and deceptive recruiting and financial aid lending practicesand, due to the governments scrutiny into the for-Profit education sector, DeVry wouldbe unable to continue these practices in the future.”} (“ii DeVry failed to maintain proper internal controls; and iii many of theCompanies programs were in jeopardy of losing their eligibility for federalfinancial aid. On August 13, 2010, after the market closed, the U.S. Department ofEducation released data on federal student-loan repayment rates at the nations collegesand universities. The data showed that the repayment rate at DeVry was just 38%. Onthis news, DeVry stock dropped 8.76% from a closing price of $42.71 on August13, 2010 to a closing price of $38.97 per share on August 16, 2010.”) ----By: Tamara Lewin Published: August 8, 2011
  • 2. [“The Department of Justice is currently reviewing the many complaintsfrom students & whistle-blower employees. DeVry University & other for-profit schools educate less than 10 percent of all college students but get 25percent of all Pell grants.”] [“For-profit school students make up 44 percent of the federal studentloan defaults of this is due to the fact that for-profit schools’ consumer baseare 99% poor students and students of color who are the first in theirfamilies to go to college.”] ---Allen Yesilevich| November 3, 2010
  • 3. [“A securities class action complaint has been filed against DeVry, Inc.(NYSE: DV) on behalf of all common shareholders during the period ofOctober 25, 2007 and August 13, 2010. The lawsuit, filed in the U.S.District Court for the Northern District of Illinois, alleges that DeVry’sfor-profit educational institution and subsidiaries (Becker ProfessionalEducation, Carrington College and Carrington CollegeCalifornia, Chamberlain College of Nursing, DeVry Brasil, DeVryUniversity, and Ross University; misled investors by failing to disclosethat its profits were made by engaging in improper and deceptiverecruiting and financial aid lending practices.”] ---Allen Yesilevich| November 3, 2010 http://www.classactioncentral.com/2010/11/lawsuit-alleges-devry-misled-investors-over-recruiting-practices/
  • 4. [“According to the complaint, Devry’s recruiting policy enabledthe company to consistently increase enrolment numbers at itscolleges and collect subsidized tuition from the government.But after new government regulations were established recentlyas a result of an industry-wide investigation into recruiting andlending practices in the for-profit education sector, DeVry’srevenues are now in jeopardy because it is now unable tocontinue with its previous recruitment practices.”] ---Allen Yesilevich| November 3, 2010 http://www.classactioncentral.com/2010/11/lawsuit-alleges-devry-misled-investors-over-recruiting-practices/
  • 5. [“The U.S. General Accounting Office (GAO) issued a 30-page report concludingthat for-profit educational institutions like DeVry have engaged in an illegal andfraudulent course of action designed to recruit students and overcharge the federalgovernment for the cost of such education. As detailed in the report, governmentinvestigators found that for-profit colleges encouraged fraudulent practices and misledprospective students. “][“As part of the investigation, GAO staffers posed as students and applied foradmission at 15 for-profit colleges across the United States. According to the report,school personnel encouraged GAO staff to falsify financial aid forms and misled themabout costs. The report claims that the institutions falsified information aboutaccreditation and engaged in deceptive and questionable marketing practices.”] ---Allen Yesilevich| November 3, 2010 http://www.classactioncentral.com/2010/11/lawsuit-alleges-devry-misled-investors-over-recruiting-practices/
  • 6. [“DeVry shares fell 6.14% on August 6 after DeVry announced that it hadreceived a request for information from the U.S. Senate Committee onHealth, Education, Labor, and Pensions relating to the Committee’songoing hearings regarding private-sector colleges receiving Title IVfinancial aid. “][“The request sought information on how DeVry’s institutions used“federal resources, including how they recruit and enrol students, setprogram price or tuition, determine financial aid including private orinstitutional loans, track attendance, handle withdrawal of students andreturn of Title IV dollars and manage compliance with the requirement thatno more than 90% of revenues come from Title IV dollars.”] ---Allen Yesilevich| November 3, 2010 http://www.classactioncentral.com/2010/11/lawsuit-alleges-devry-misled-investors-over-recruiting-practices/
  • 7. [“On August 13, the Department of Education (DOE) and the Institutefor College Access & Success, an Oakland, California-based non-profitresearch and advocacy group, released an analysis revealing that manyof the for-profit college students aren’t repaying school loans.Specifically, the report showed that DeVry had a repayment rate of 38%.New rules proposed by the DOE indicates that institutions would beeligible for federal student loan aid if at least 45% of their formerstudents were paying off the principal on their federal loans, or graduateshad a debt-to-earnings ratio of less than 20% of discretionary income or8% of total income.”] ---Allen Yesilevich| November 3, 2010 http://www.classactioncentral.com/2010/11/lawsuit-alleges-devry-misled-investors-over-recruiting-practices/
  • 8. [“The biggest sign that everyone can agree on is the numbers of graduates who findcareers. Their commercials and flyer’s clearly state year after year. “That in 2007-2008-2009-2010-2011 99% of Devry Universities graduates have been hired and havefound their careers.”WHAT!!! LOOK AT THE YEARS, WHO WAS HIRING IN 2007-2008, NO ONE!THERE WERE HIRING FREEZES AND DOWN SIEZING. IN 2008-2009, WE SAWCOMPANIES SHUTTING DOWN AND BANKS SHUTTING DOWN LIKEDOMINOES. “][“IN 2009-2011 WE ARE INTO A DOUBLE DIP RECESSION, AND NOW 3 WARS.PLEASE LOOK AT THE EVIDENCE AND DODGE DEVRY OR YOU CAN BE INDEBT OF AN AVERAGE $50,000 PLUS $40,000 IN INTEREST RATES ANDEMPLOYER’S WHO LAUGH AT YOU DURING INTERVIEWS. I am not justunemployed from the economy, but from a bull-shit education and degree.”]