Schoengold Sporn Laitman & Lometti Announces It Filed a Class Action Against Apollo Group, Inc. (NASDAQ: APOL) and Clarifies Two Misleading Releases of Other Firms

Market Wire, November, 2006

On November 2, 2006, Schoengold Sporn Laitman & Lometti, P.C. ("SSLL") filed a class action lawsuit on behalf of the International Brotherhood of Teamsters Local 617 Pension and Welfare Funds (the "Funds") against Apollo Group, Inc. ("Apollo" or the "Company") (NASDAQ: APOL) and certain key officers and/or directors in the United States District Court for the District of Arizona. This action was brought on behalf of persons who purchased or otherwise acquired Apollo securities during the period between November 28, 2001 and October 18, 2006 (the "Class Period") in connection with false and misleading statements and omissions of material information concerning the "backdating" of options granted by the Company. Pursuant to the Private Securities Litigation Reform Act of 1995 ("PSLRA"), the firm announced that it had initiated this securities class action against Apollo in a press release issued later that day.

Thereafter, on November 5, 2006 and November 6, 2006, two other law firms issued press releases misleadingly implying that they had filed securities class actions against Apollo and soliciting inquiries and offering advice without obligation. In fact, however, neither law firm filed, nor have they filed to-date, a class action against Apollo in connection with the backdating of options. Accordingly, SSLL felt it appropriate to issue this subsequent release.

The only class action filed to-date against Apollo in connection with the Company's backdating of options is the one filed by SSLL on behalf of the Funds. A copy of the complaint is available from the court, or it can be obtained from the undersigned. If you purchased Apollo securities during the Class Period and would like to join the action pursuing securities claims against the Company and its officer and/or director defendants, you may do so by visiting SSLL's website at www.spornlaw.com or contacting SSLL, toll-free at (866) 348-7700 or via e-mail at shareholderrelations@spornlaw.com . However, please note that the deadline to seek lead plaintiff status in this case expires January 2, 2007.

If you would like to further discuss your rights, you may call collect or otherwise contact the undersigned, who will be pleased to assist:

CONTACT: Jay P. Saltzman, Esq. Ashley Kim, Esq. Schoengold Sporn Laitman & Lometti, P.C. 19 Fulton Street, Suite 406 New York, New York 10038 Tel: (212) 964-0046 Fax: (212) 267-8137 Toll Free: (866) 348-7700 E-Mail: Email Contact Website: www.spornlaw.com