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Date: January 25th, 2008
Author: Career College News
Apollo to seek to reverse fine
(Trading Markets)
Apollo Group Inc., a for-profit education company that owns the University of Phoenix, said Thursday it will seek to reverse or reduce a fine worth millions of dollars imposed by a federal jury related to a fraud case and could appeal the verdict if necessary.
On Jan. 16, a federal jury ruled Apollo fraudulently misled investors in 2004 when it failed to disclose a Department of Education report that criticized the University of Phoenix’s recruitment policies.
A U.S. District Court in Phoenix said the company must pay investors up to $5.55 per each share they hold depending on how long they held the stock after Sept. 14.
Apollo on Thursday said it intends to pursue “any and all remedies that may be available to reverse or reduce this damage award, including, if necessary, appealing the judgment once that judgment is issued by the court.” Read full story.
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