12/19/2010 05:12 am ET Updated May 25, 2011

State Of Oregon Joins Class-Action Suit Against Apollo Group

NEW YORK (Dow Jones)--The state of Oregon has joined a securities fraud class-action lawsuit against Apollo Group Inc. (APOL) and several of its executives, alleging the for-profit college operator misled investors about its revenue between 2007 and 2010.

The Oregon Public Employees Retirement Fund lost $10 million as Apollo's stock price dropped in the wake of the company's disclosure of a Securities and Exchange Commission inquiry and heightened scrutiny of the entire for-profit college sector, according to a statement released by Oregon Attorney General John Kroger and Treasurer Ted Wheeler.