San Diego, CA -- (SBWIRE) -- 07/11/2012 -- Apollo Group disclosed that the U.S. Department of Education intends to conduct an investigation focused on University of Phoenix’s compliance with federal student financial aid rules.
Investors who are long-term stockholders of Apollo Group, Inc. (NASDAQ: APOL) shares, including those who purchased NASDAQ:APOL shares as early as early 2010 and earlier and presently hold any of those APOL shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
Apollo Group, Inc. disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that U.S. Education Department informed the University that an examination of the University’s verification reporting for the 2010-2011 award year identified the University as having misreported verification status codes.
For-profit colleges faced scrutiny from the U.S. government over the last two years and a lawsuit was filed in connection with a report issued by the United States General Accounting Office in August 2010 entitled "For-Profit Colleges: Undercover Testing Finds Colleges Encouraged Fraud in Deceptive and Questionable Marketing Practices." The report concluded that for-profit educational institutions like Apollo Group, Inc had allegedly engaged in an illegal and fraudulent course of action designed to recruit students and over-charge the federal government for the cost of such education.
NASDAQ:APOL shares closed on July 10, 2012, at $33.92 per share, significantly below its current 52weekHigh of $58.29 per share.
Those who are current long-term investors in Apollo Group, Inc. (NASDAQ:APOL) shares have certain options and should contact the Shareholders Foundation.
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