Massachusetts Investigating Apollo Group's University of Phoenix
May 16 2011 - 8:21AM
Dow Jones News
Apollo Group Inc.'s (APOL) University of Phoenix has been asked
by the Massachusetts Attorney General to hand over information on
its recruitment and student financial-aid practices, joining at
least two other publicly traded schools facing such a request.
Phoenix, which has three campuses in Massachusetts as well as an
online operation, according to the school's website, said in a
securities filing early Monday that it was asked to provide
documents and information regarding a "broad spectrum" of its
business from 2002 to the present. Last week, one of Washington
Post Co.'s (WPO) Kaplan Career Institute campuses in Boston
received a similar request, and Corinthian Colleges Inc. (COCO)
disclosed late last month that its Everest Institute locations in
Brighton and Chelsea also received investigative demands.
Apollo said in a securities filing Monday that it believes
Massachusetts is part of a coalition of states investigating the
for-profit college industry. The Huffington Post earlier this month
reported that a group of 10 states is looking into the sector's
business practices to see if any violated consumer protection
statutes. It confirmed Kentucky, Florida, Illinois and Iowa as
members.
Apollo said in the filing that it is "evaluating" the
demand.
-Melissa Korn, Dow Jones Newswires; 212-416-2271;
Melissa.korn@dowjones.com
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