If you invested in Adtalem and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »
LEAD PLAINTIFF DEADLINE
The investigation comes after activist short seller Safkhet Capital published a scathing report on Jan. 30, 2024 concluding that Adtalem is completely uninvestable and reportedly said “‘the number of existential risks that exists today should cause alarm for any investor that’s looking into this company.’”
Among other things, Safkhet alleged that Adtalem should impair its $1.48 billion Walden acquisition, which was booked as $833 million intangible assets and $651 million goodwill. Safkhet called for further review by Adtalem’s auditors into the Walden valuation, whose 33-year tenure might “result in either auditor negligence or willful blindness.” In support, Safkhet highlighted “material risks to Walden’s eligibility to receive federal student aid, which will affect its ability to operate[,]” and revealed that the U.S. Department of Education launched an investigation into Walden related to the institution’s doctoral programs.
On this news, the price of Adtalem shares declined sharply.
FREQUENTLY ASKED QUESTIONS ABOUT THE CASE
- What is the ATGE investigation about?
We are investigating whether Adtalem may be misleading investors about the values of certain assets carried on its books.
WHAT SHOULD I DO?
- I worked at ATGE. What should I do?
If you were an employee of ATGE, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or ATGE@hbsslaw.com.
- There are multiple law firms participating, do I need to contact all of them?
No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.
AM I ELIGIBLE?
- What is the threshold amount to be eligible? What are “substantial” losses?
The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.
CAN I PARTICPATE?
- Am I affected? What do I need to do to participate?
If you were an investor in ATGE, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.
- Can any ATGE investor participate?
In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.
- I bought on a non-U.S. Exchange. Can I participate?
No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.
- Am I included if I still hold my shares, or do I need to sell to participate?
Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.