The purpose of the Notice is to inform you of the pendency of this securities class action (the “Action”), the proposed settlement of the Action (the “Settlement”), and a hearing to be held by the Court to consider: (i) whether the Settlement should be approved; (ii) whether the proposed plan for allocating the proceeds of the Settlement (the “Plan of Allocation”) should be approved; and (iii) Lead Counsel’s application for Attorneys’ Fees and Expenses (the “Fee and Expense Application”). The Notice describes important rights you may have and what steps you must take if you wish to participate in the Settlement, wish to object, or wish to be excluded from the Settlement Class.
You or someone in your family may have acquired DeVry Education Group, Inc. publicly traded common stock and/or exchange-traded call options (and/or sold exchange-traded put options on such common stock) during the period from August 26, 2011 through January 27, 2016, inclusive. Receipt of the Notice does not mean that you are a Member of the Settlement Class or that you will be entitled to receive a payment. If you wish to be eligible for a payment, you are required to submit the Proof of Claim Form that is being distributed with the Notice.Top
The packet included two (2) separate documents: the Notice and a Proof of Claim Form. Details about the case can be found in the Notice, and if you wish to be eligible for a payment you will need to complete and submit a Proof of Claim Form.Top
No, you are not being sued. The Notice is to inform you of your rights, the consequences of the Settlement, and the benefits you may receive as a result of the Settlement.Top
In general, the Complaint filed in the Action alleges that, during the Settlement Class Period, Defendants made a number of materially false and misleading statements and omissions regarding the job placement and salary outcomes achieved by DeVry’s students after graduation. These metrics were allegedly critical to DeVry’s investors who viewed superior outcomes as a sign of DeVry’s financial health and stability. The Complaint further alleges that when the truth regarding the Company’s education metrics was allegedly disclosed to the market, the price of DeVry publicly traded common stock declined causing damages to the proposed class. For more details, please refer to the Notice, which can be found by clicking here.Top
In a class action, one or more people (called the plaintiff) sues on behalf of others who have similar claims. All persons with similar claims are referred to as class members. The court resolves the issues for all class members, except for those who ask to be excluded from the class.Top
Lead Plaintiff and Lead Counsel believe that the claims asserted against Defendants have merit. However, Lead Plaintiff and Lead Counsel are also cognizant of the fact that continued litigation presents substantial risks that may result in a recovery of far less than the $27,500,000 Settlement, or no recovery at all, and that any such recovery could be many years in the future. Lead Plaintiff and Lead Counsel believe the Settlement is in the best interest of all Settlement Class Members in light of the possibility that continued litigation could result in no recovery at all. Top
The Settlement Class consists of those who purchased or otherwise acquired DeVry Education Group, Inc. publicly traded common stock and/or exchange-traded call options (and/or sold exchange-traded put options on such common stock) (“DeVry Equity Securities”) during the period from August 26, 2011 through January 27, 2016, inclusive.Top
The Action and Settlement involve the time period when the Company was known as DeVry Education Group. During this time, the Company’s common stock traded under CUSIP 251893103 and used the ticker “DV.” On or about May 24, 2017, the Company changed its name to Adtalem and its common stock began to trade under the CUSIP 00737L103 and uses ticker “ATGE.” Accordingly, your account information may refer to DV before May 2017, but ATGE after May 2017.Top
DeVry Education Group, Inc. exchange-traded call options purchased or put options sold during the period from August 26, 2011 through January 27, 2016, inclusive, are eligible. Note: The only eligible options contracts are listed on pages 14-15 of the Notice.Top
Excluded from the Settlement Class are: Defendants; the Company’s affiliates and subsidiaries, including the Company’s employee retirement and/or benefit plan(s) and their participants or beneficiaries, to the extent they made purchases through such plans; the officers and directors of the Company and its subsidiaries and affiliates during the Settlement Class Period; members of the immediate family of any excluded person; any entity in which any excluded person or entity has or had a controlling interest; and the heirs, successors, and assigns of any excluded person or entity. Also excluded from the Settlement Class is anyone who timely and validly seeks exclusion from the Settlement Class in accordance with the procedures described in the Notice.Top
Yes, Lead Counsel represents the entire Settlement Class for this Settlement. They will ask the Court to award them fees and expenses from the Settlement Fund. If you want to hire your own lawyer, you may do so at your own expense. If he or she wants to appear in the Action, they need to follow the instructions in Question 20 of the Notice.Top
Please send an email to Info@DeVrySecuritiesSettlement.com or call 1-888-810-9152 with any additional questions.Top
The eligible CUSIPs for the Settlement are 251893103 and 00737L103.Top
Approval of the Settlement will be considered at the Final Approval Hearing on December 6, 2019. The hearing will be held at 9:30 a.m. in Courtroom 1225 at the United States District Court for the Northern District of Illinois, Everett McKinley Dirksen United States Courthouse, 219 S. Dearborn, Chicago, Illinois 60604. Top
Settlement Class Members do not need to attend the Final Approval Hearing or take any other action to indicate their approval. If you wish to object, the Court will consider any submission made in accordance with the objection provisions, set forth in the Notice, even if a Settlement Class Member does not attend the hearing. You are also welcome to attend the Final Approval Hearing or send your own lawyer at your own expense. Further details can be found in the Notice.Top
Proof of Claim Forms are currently being processed. Claims must be postmarked or submitted online no later than November 29, 2019 to be considered timely. Objections and requests for exclusion are due November 15, 2019. The Final Approval Hearing will be held on December 6, 2019 to determine whether or not to approve the proposed Settlement.
If your claim has been received (make sure you receive a confirmation postcard or e-mail) and we have any questions or need additional information or documentation, we will contact you via one or more of the methods (phone, email, mail) listed on your Proof of Claim Form.Top
Please read the instructions carefully, fill out the Proof of Claim Form, include all supporting documentation the form asks for, sign and mail so that it is postmarked or submitted online no later than November 29, 2019. To qualify for a payment from the Settlement, you must submit a Proof of Claim Form by the claim deadline.
Your completed Proof of Claim Form along with supporting documentation should be mailed to:
DeVry Securities Settlement
c/o KCC Class Action Services
P.O. Box 43041
Providence, RI 02940-3041Top
The Parties and the Claims Administrator do not independently have information about your investments in DeVry Education Group. If you received the Notice and Proof of Claim Form by mail, it means that the transfer agent or a broker/bank provided your name and address as someone potentially eligible to participate. No financial information was provided on your behalf. If stock records or account documents are not in your possession, please obtain copies or equivalent documents from your broker or the transfer agent. Failure to supply this documentation may result in the rejection of your claim.Top
Please send your inquiry via email to Info@DeVrySecuritiesSettlement.com. In your email, please make sure that you provide the exact name and mailing address to which the Notice and Proof of Claim Form were mailed.Top
Unfortunately, we are unable to provide legal advice. The options available to you are described in the Notice. If you have another lawsuit pending against any of the Defendants, speak with your lawyer immediately about your rights and options.Top
Sufficient supporting documentation must (a) show the claimant’s name(s) or otherwise be able to be tied to the claimant, (b) be provided by an independent, third party entity, such as a broker, asset manager, or financial institution, and (c) contain all required details for the transaction or position that is being claimed. Suggested documentation includes copies of brokerage confirmation slips, monthly account statements, or an authorized statement from your broker containing the transactional and holding information found in such statements.
For purchase and sale transactions, supporting documentation must clearly show the trade date, amount of shares or options purchased or sold, and total purchase or sale price.
Stock certificates are generally not considered a sufficient form of supporting documentation for purchase or sale transactions, as they do not provide the necessary trade date and transaction price information. Further, a Schedule D form will only be considered to be acceptable if it is prepared by an independent, third party entity.Top
Yes, you may redact/blackout any information on your supporting documentation that doesn’t pertain to DeVry Education Group transactions or positions, or otherwise pertain to your claim in this Settlement. Please do not highlight any section of your supporting documentation, as this may interfere will your claim being processed accurately.Top
No. The last four digits of your Social Security Number (SSN) may be used in verifying your claim but are not required.Top
If you do not have a Social Security or Taxpayer Identification Number, you can leave that section of the Proof of Claim Form blank.Top
The deadline for submitting an exclusion request is November 15, 2019. For details on the steps necessary to exclude yourself, please see Question 11 on page 7 of the Notice. If your request does not comply with the requirements in Question 11, it will not be considered valid. If you have another lawsuit pending against any of the Defendants, speak with your lawyer immediately about your rights and options. If you are a member of the Settlement Class and you do not request exclusion, you will be bound by all judgments and orders in the Action.Top
The deadline for submitting an objection to the Settlement, the proposed Plan of Allocation, and/or the Fee and Expense Application is November 15, 2019. For details on the steps necessary to object, please see Question 16 on page 8 of the Notice.Top
Objecting is notifying the Court that you do not agree with or like something about the proposed Settlement. You can object only if you stay in the Settlement Class. Excluding yourself is notifying the Court that you do not want to be part of the Settlement Class. If you exclude yourself, you have no basis to object because the Settlement no longer affects you.Top
If you are a member of the Settlement Class and you do not submit a valid Proof of Claim Form, you will not be eligible to receive any payment from the Net Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.Top
When submitting on behalf of a deceased beneficial owner or their estate, you can submit a claim in the name of the individual, or, if one exists, on behalf of the estate. Please note that any Settlement proceeds will be made payable to the estate, if that is how the claim is submitted.
The claim submission should include a copy of the death certificate, as well as proof of authority to submit. Because you are submitting a Proof of Claim Form as a representative on behalf of someone else (e.g. as an executor, administrator, trustee or other representative), you must document your authority to submit on their (or their estate’s) behalf. Proof of authority can include a copy of the Last Will and Testament, Letters Testamentary, evidence of probate, proof of authority as executor or beneficiary and/or any other testamentary provisions of the deceased person. Please do not send any original documents, as materials submitted with your claim will not be returned.Top
Unfortunately, we cannot provide free postage or a free postage code. If you would like to submit your Proof of Claim Form online, click here.Top
It is not unusual for claimants to receive multiple Proofs of Claim Forms. We request and receive names and addresses of potential Settlement Class Members from the transfer agent and hundreds of banks, brokers and other financial institutions. It is possible your name and address was provided by more than one financial institution.
If submitting for multiple accounts, like an IRA or a brokerage account, please submit a separate Proof of Claim form for each account.Top
If you are unable to mail your Proof of Claim Form and/or supporting documentation to a P.O. Box, please mail to:
DeVry Securities Settlement
c/o KCC Class Action Services
3301 Kerner Blvd.
San Rafael, CA 94901Top
Please email Info@DeVrySecuritiesSettlement.com or call 1-888-810-9152 to inquire about your claim status.Top
It will take a significant amount of time to fully process all of the Proof of Claim Forms, and distribution of the Net Settlement Fund cannot be made until all claims are fully processed. As such, a timeframe for distribution is not currently available.Top
Unfortunately, KCC Class Action Services cannot provide tax advice. Since the taxable nature of settlement distributions varies based on the individual settlement and nature of your account, you will need to consult your tax advisor to determine the tax consequences, if any, of a distribution from the Settlement.Top
Please refer to paragraph 86 on page 16 of the Notice. There you can find specific instructions that explain your options as a broker or nominee requesting Notices and Proofs of Claim on behalf of beneficial owners. If you need further clarification, please email the Claims Administrator at Nominees@DeVrySecuritiesSettlement.comTop
If you choose to submit claims electronically, please click here where you will find the Electronic Claim Filing Instructions. It is required that you submit your electronic claims using the template provided on the website. If you have additional questions after viewing the website, please contact the Claims Administrator by email at Nominees@DeVrySecuritiesSettlement.com.Top
Please send all invoices to Nominees@DeVrySecuritiesSettlement.com.Top