Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Apollo Group To Challenge Probation Recommendation - Update

RELATED NEWS
Trade APOL now with 

Apollo Group Inc. (APOL: Quote) said Monday that it is reviewing the draft reports received by University of Phoenix and Western International University last week and is confident that all concerns expressed by the Higher Learning Commission or HLC can and will be successfully addressed in due course. The firm intends to challenge and appeal the review team's probation recommendation.

The educational services provider announced earlier in the day that the HLC determined that its wholly-owned subsidiary University of Phoenix is not in compliance with Criterion One of the Criteria for Accreditation, Core Component 1d, and some of the related Minimum Expectations, sending the stock down over 3 percent in the extended trade.

The company plans to challenge and appeal the review team's recommended sanctions, while also intending to work closely with HLC to achieve agreement and resolution.

Mark Brenner, Chief of Staff for Apollo Group, said, '' We intend to challenge and appeal the review team's probation recommendation, and we have the opportunity to challenge findings of fact in the draft review report and, following that, to appeal the final review report findings and recommendations to the HLC Institutional Actions Council First Committee.''

The HLC has indicated that this appeals process would be complete by the end of June, although it could be extended.

There will be no change in the accreditation status of University of Phoenix or WIU until the review and appeals are complete, Apollo Group said.

Brenner pointed out that the draft reports include several positive findings and observations. The HLC review team notes that University of Phoenix is well resourced and innovative, and has a number of strengths, including a high level of relevant student services, technology and systems.

''In fact, University of Phoenix was found to be in compliance with substantially all criteria associated with academic matters,'' he added.

APOL settled lower by 4 percent on Monday at $17.83. The stock fell 3.2 percent in the extended trade and was trading at $17.26.

Register
To receive FREE breaking news email alerts for Apollo Education Group Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Cloud-based human resource software maker Workday, Inc. said Monday after the markets closed that its third quarter net loss widened from last year, as higher costs and expenses more than offset a 68% increase in revenue. However, the company's adjusted loss per share was smaller than what analysts estimated and its quarterly revenue topped analysts' forecast. This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.