Apollo Group, Inc. Securities Litigation

Beginning on or about October 12, 2004, several class actions were commenced in the United States District Court for the District of Arizona (the "District Court") before the Honorable James A. Teilborg. The class actions asserted claims against Defendants under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 ("Exchange Act").

By order dated April 1, 2005, the District Court consolidated the related class actions before it. On April 14, 2005, the District Court appointed the Policemen's Annuity and Benefit Fund of Chicago to serve as Lead Plaintiff, and Barrack, Rodos & Bacine to serve as Lead Counsel for the putative shareholder class under and pursuant to 15 U.S.C. §78u-4 (a)(3)(B).

On June 15, 2005, Defendants filed a motion to dismiss Lead Plaintiff's Complaint. The District Court heard arguments on Defendants' motion to dismiss on October 3, 2005, and denied the motion by Order dated October 18, 2005. Thereafter, the parties engaged in an extensive discovery program including, among other things, the production and review of approximately one million pages of documents and the taking of approximately fifty depositions.

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