logo
Share SHARE
FONT-SIZE Plus   Neg

Apollo Group To Challenge Probation Recommendation - Update

Apollo Group Inc. (APOL) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chinese conglomerate Dalian Wanda is in talks to buy Dick Clark Productions, as the company aims to expand in to the US entertainment industry. According to reports, Dalian Wanda Group has started preliminary talks to buy Dick Clark Productions for a price of about $1 billion. Dick Clark Productions... Mortgage applications in the U.S. dropped 0.7 percent from last week. According to data from the Mortgage Bankers Association, market composite index, a measure of mortgage loan application volume, declined 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis,... LendUp, an online lending startup, had to pay $6.3 million in fine for charging illegal fees and miscalculating higher interest rates. LendUp, which was earlier known as Flurish Inc., is supported by Google's venture capital arm GV and other venture capital firms in Silicon Valley. The California...
comments powered by Disqus
RELATED NEWS
Trade APOL now with 
Follow RTT