Apollo Group Inc and several of its top executives have been slapped with a class action lawsuit for allegedly making misleading statements about the for-profit education company's operations.

The complaint filed in a federal court in Arizona alleges that Apollo and some of its executives made "materially false and misleading statements" between December 7, 2009, and August 3, 2010, about its business.

The complaint also alleges that these statements artificially inflated the trading price of Apollo common stock during that time, the company said in a regulatory filing.

Complainants are seeking compensatory damages, Apollo said, adding that it intends to defend the lawsuit vigorously.

The executives named in the lawsuit include Apollo's executive chairman, co-chief executive officers, chief financial officer and others.

Apollo, parent of the University of Phoenix, and the rest of the for-profit industry has come under intense regulatory scrutiny over enrollment practices and use of federal aid.

Last year, Apollo, considered bellwether of the industry, was investigated by the Securities and Exchange Commission for its revenue recognition practices.

Apollo's shares, which have fallen 20 percent in the last 3 months, fell about 3 percent in pre-market trade to $42.