Apollo Group Inc. (APOL) was asked by the Securities and Exchange Commission's Enforcement Division for further information related to an informal probe, including details of its insider- trading policies, the company said in a securities filing.

According to Apollo, the SEC has asked for details of the for-profit college operator's insider-trading policies and procedures along with a chronology of its internal processing and availability of information regarding a program review the U.S. Department of Education launched at University of Phoenix in 2009.

The request also asks for certain information related to non-Title IV federal student-aid sources of revenue. Apollo and other for-profit colleges derive the vast majority of their revenue from federal aid, a practice that has come under scrutiny.

The company said it continues to cooperate fully with the Enforcement Division.

Apollo was first notified by the SEC in October 2009 of an informal inquiry into the company's revenue-recognition practices.

The company said in its 10-K filed last week that based on the information it had provided so far to the SEC, "The eventual scope, duration and outcome of the current inquiry cannot be determined at this time."

Apollo noted in that filing that it has already devoted "substantial" time and incurred "substantial" legal and other expenses related to the inquiry.

Shares of Apollo were trading down 1.2% to $36 premarket. The company's stock dropped sharply when the inquiry was disclosed last year.

-By Melissa Korn, Dow Jones Newswires; 212-416-2271; melissa.korn@dowjones.com
Apollo Education Group, Inc. (NASDAQ:APOL)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Apollo Education Group, Inc. Charts.
Apollo Education Group, Inc. (NASDAQ:APOL)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Apollo Education Group, Inc. Charts.