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February 26, 2013
10:07 EDTNAUH, STRA, APOL, COCO, LOPE, BPI, CECO, LINC, ESI, EDMC, APEI, DVApollo falls after being placed on probation by accreditor
Apollo Group (APOL) disclosed in a regulatory filing last night that a team appointed by its accreditor had recommended that the company's main university be placed on probation. The team appointed by the Higher Learning Commission, a regional accreditor, recommended that Apollo's University of Phoenix be placed on probation because the school is not in compliance with regulations related to administrative structure and governance, Apollo reported. More specifically, the team found that Apollo has not given the university enough autonomy. In a note to investors earlier today, William Blair analyst Brandon Dobell wrote that he expects the Higher Learning Commission to uphold the findings of its team in June, and place University of Phoenix on probation until fall of 2014. The university will have to prove to the Higher Learning Commission, or HLC, that it has fixed the issues identified by that time, Dobell reported, adding that the university could lose its accreditation if the HLC determines that it is still not in compliance. While the analyst believes that the University of Phoenix's accreditation status will affect Apollo's shares until the university is removed from probation, he thinks it is "extremely unlikely" that the school will lose its accreditation. Dobell maintained a Market Perform rating on Apollo. He noted that the following for-profit education companies have obtained accreditation from the Higher Learning Commission: Bridgepoint (BPI), DeVry (DV), Grand Canyon University (LOPE); American Public University (APEI); Capella University (CPLA); Career Education (CECO); Education Management (EDMC); National American University (NAUH); Corinthian (COCO); and Kaplan (WPO). In early trading, shares of Apollo are down 24c to $17.59.
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October 13, 2015
12:48 EDTDVInvesco reports 11.1% passive stake in DeVry
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08:34 EDTCECOCareer Education says Chief University Education Officer, CTO leaving company
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October 9, 2015
10:35 EDTAPOLApollo Education sinks after DoD puts subsidiary on probation
Shares of Apollo Education are sinking after the for-profit education provider disclosed that the U.S. Department of Defense put its University of Phoenix subsidiary on probationary status in respect of its participation in the DoD Tuition Assistance Program for active duty military personnel. The DoD is considering whether to terminate the DoD Voluntary Education Partnership Memorandum of Understanding with the University which is the basis on which the University's active duty military students participate in the DoD Tuition Assistance Program. While on probationary status, currently eligible enrolled students will remain eligible to participate in the Tuition Assistance Program, but newly enrolled or transfer students of the University will not be eligible. In fiscal year 2015, receipts from the DoD Tuition Assistance Program represented less than 1% of University of Phoenix net revenue, and during Q4 approximately 4,000 students received tuition benefits under the program. University of Phoenix currently is reviewing the notice of probation, Apollo stated. The stock is down 10%, or $1.27, to $11.09 in morning trading.
October 7, 2015
14:28 EDTLOPEVan Berkom & Associates reports 5.07% passive stake in Grand Canyon
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October 5, 2015
18:06 EDTAPOLApollo Education promotes Chief Accounting Officer Iverson to CFO
Apollo Education Group announced the promotion of Gregory Iverson to serve as the company's CFO, effective October 26. Iverson succeeds Joseph D'Amico, who has served as interim CFO since May, and will report directly to Apollo Education CEO Gregory Cappelli. Iverson is currently VP of finance, Chief Accounting Officer and treasurer. He began his tenure at Apollo in April 2007 as VP and controller.
October 1, 2015
07:05 EDTBPIBridgepoint Education appoints Kevin Royal as CFO
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