The Sisters of Theta Pi Are Dying To Keep a Secret.

Run by Mrs. Crenshaw, the college sorority Theta Pi is home to seniors and best friends Jessica, Cassidy, Ellie, Claire, Chugs and Megan who, despite Mrs. Crenshaw's best efforts, constantly throw wild parties. During one of these parties Megan discovers her boyfriend Garrett is cheating on her and with her friends' help, decides to pull a prank on him as payback, faking her own death while making out with Garrett. With help from the sisters, Garrett brings Megan to a steel mill, intent on dropping her body down a mineshaft. After the sisters (jokingly) mention they need to release the air out of her lungs so her body won't rise to the top, Garrett stabs Megan with a tire iron, actually killing her. Panicking, the group dumps Megan's body in the mineshaft, vowing never to speak of the events that transpired ever again.

Eight months later, during the party after graduation, the girls receive a picture sent to their phones: a hooded figure holding the bloody lug wrench Garrett used to kill Megan. As the girls become worried, Jessica takes lead and insists it is merely a prank by Garrett and they continue with the party. Megan's sister, Maggie, also arrives, wanting to honor her sister's memory by attending the party. Chugs leaves the party to go to her therapist appointment. She finds her therapist in his bed saying the last patient left abruptly, and if they could finish where they left off. Chugs goes to 'freshen up' in the bathroom. While she is there, her therapist has a tire iron thrown at his head, impaling him. She then goes looking for him, not noticing the pool of blood coming from under the bed. She then becomes tired of looking, and lies down on a sofa. As she tilts her head back to let the champagne flow down her throat, the killer appears and shoves the bottle down her throat before slitting it with the tire iron, which makes her spit up blood into the bottle.

Later, A sorority girl named Joanna, is killed by having the tire iron shoved up her chin after hearing about Megan's death. In the basement, Ellie finds Cassidy's blood-stained jacket (which the group had wrapped Megan's body in before dropping her into the shaft). Claire's boyfriend Mickey is then killed with the tire iron stabbed through his head. The girls regroup and all receive a text message containing a clip of Megan's death and a message telling them to go to the mineshaft. Driving to the shaft, the girls find Garrett. Thinking the obviously delusional Garrett is the one stalking them, Jessica runs him over when he tries to attack Cassidy with a mirror shard, discovering afterward Garrett has been receiving the same messages they have, proving he is not the killer. After the girls return to the now empty sorority house, they receive a text message from Chug's cell phone, telling them that she is dead. While struggling to get in the house, Claire is dragged into a large amount of bubbles and then shot in the mouth with a flare gun, and Mrs. Crenshaw is impaled, leaving only Jessica, Cassidy, Ellie and Maggie.

Later, Maggie becomes trapped when the killer sets the room on fire with a Molotov cocktail. Cassidy and Jessica look around (while Ellie hides upstairs) and run into Kyle, Jessica's boyfriend, who injures Jessica after getting into a fight with her. Jessica and Cassidy then go and hide from him. They hide in the bathroom where they find Megan's corpse hanging in the shower. Kyle then finds them and tell Cassidy that Jessica told him they murdered Megan. He is then killed with an axe by Andy who turns out to be the real killer. Andy then kills Jessica by throwing the tire iron into her mouth. He tells Cassidy that he just wanted to help her, killing everyone who knew about her involvement in Megan's death so they could never tell anyone else and reveal she was involved. Playing along with her crazed boyfriend, Cassidy tells Andy that Ellie is in the basement and while Andy goes to look for her Cassidy fetches Ellie from upstairs and they try to run, but are attacked by Andy.

Telling Ellie to flee, Cassidy hits Andy with a lamp and tries to escape but instead ends up trying to help Maggie out of the burning house. While trying to help Maggie, Cassidy is attacked by Andy, who leaves her dangling from a hole in the floor. Cassidy begins to struggle as Andy slowly jabs a knife into her finger. As Andy prepares to finish Cassidy off, Ellie appears and blasts him with Mrs. Crenshaw's shotgun. With Andy dead, Ellie pulls Cassidy back up and the two save Maggie before fleeing from the house.

Fifteen months later, Theta Pi is being renovated from the fire and Maggie is now a Theta Pi sister. As the girls sing the Theta Pi song, a figure with a scarred wrist is seen holding a garden trowel (Garrett).

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