Lakeway, TX -- (SBWIRE) -- 02/26/2013 -- vb-news.net, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-
Based on the alleged deficiencies involving administrative structure and governance of company's University of Phoenix subsidiary, Apollo Group Inc (NASDAQ:APOL) was putting the same on probation.
Is APOL a Buy At New Lows? Find Out Here
In a Securities and Exchange Commission filing the Higher Learning Commission said that the university was not in compliance with certain accreditation criteria and the commission concluded that the university "has insufficient autonomy relative to its parent corporation."
Accreditation is necessary for the company to continue to be eligible for student loans, which make up much of its revenue.
Apollo said it plans to appeal the probation recommendation. The company said in its filing that it believes "that it is neither remarkable nor improper for a parent corporation to exercise appropriate influence over its wholly owned subsidiary."
Shares of Apollo fell by 75 cents or 4.04% to close at $17.83 on Monday.
Enbridge Energy Management, L.L.C. (NYSE:EEQ) announced on commencing an underwritten public offering of approximately 9 million of its Listed Shares the proceeds of which will be utilized to invest in an equal number of i-units of Enbridge Energy Partners L.P and to repay commercial paper, to finance a portion of its capital expansion program relating to its core liquids and natural gas systems and for general partnership purposes. Some or all of the net proceeds of this offering may be invested temporarily in short-term investment grade securities pending their use for such purposes.
How Should Investors Trade EEQ Now? Find Out Here
Enbridge Management is expected to grant the underwriters a 30-day option to purchase up to an additional 1.35 million Shares.
Credit Suisse, BofA Merrill Lynch, Barclays and Goldman Sachs & Co. are joint book-running managers for the offering.
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