- Current report filing (8-K)
July 12 2011 - 6:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 11, 2011
(Exact name of registrant as specified in its charter)
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Arizona
(State or other jurisdiction
of incorporation)
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0-25232
(Commission
File Number)
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86-0419443
(I.R.S. Employer
Identification No.)
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4025 S. Riverpoint Parkway, Phoenix,
Arizona
(Address of principal executive
offices)
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85040
(Zip Code)
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Registrants telephone number, including area code: (480) 966-5394
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section 8 Other Events
Item 8.01 Other Events.
As previously disclosed, Apollo Group, Inc. subsidiary University of Phoenix received a letter in
August 2010 from its institutional accreditor, the Higher Learning Commission (HLC), requesting
certain information and evidence of compliance with HLC accreditation standards. The letter related
to the August 2010 report published by the U.S. Government Accountability Office of its undercover
investigation into the enrollment and recruiting practices of a number of proprietary institutions
of higher education, including University of Phoenix. We submitted our response to HLC in September
2010 and subsequently responded to further requests for information.
On July 11, 2011, HLC informed University of Phoenix that the Special Committee formed to review
this matter had completed its work, concluding that based on its limited review, it found no
apparent evidence of systematic misrepresentations to students or that University of Phoenixs
procedures in the areas of recruiting, financial aid and admissions are significantly inadequate or
inappropriate. These were the areas on which HLCs review was focused.
HLC also stated that there remain significant questions as well as areas that the University should
work on improving. HLC indicated that these will be reviewed by the comprehensive evaluation team
at its previously scheduled visit beginning in March 2012. These questions relate to: students in
collection and the minimization of student loan defaults; the offering of limited career services
particularly in relation to the University of Phoenixs associate degree program; timing of
prospective student access to financial aid advisors during the recruiting process; academic
qualifications of enrollment advisors and financial aid advisors; the hiring and evaluation of
financial aid officers; retention of students, including the relationship of remediation to
retention; and the role of the University of Phoenix First Year Sequence in relation to University
of Phoenixs transfer policy and impacts on student retention.
For a further discussion of the accreditation of University of Phoenix and this HLC review, please
see
Item 1. Business Accreditation and Jurisdictional Authorizations
in our 2010 Form 10-K filed
with the Securities and Exchange Commission on October 21, 2010 and available on our website at
apollogrp.edu.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Apollo Group, Inc.
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July 11, 2011
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By:
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/s/ Brian L. Swartz
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Name:
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Brian L. Swartz
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Title:
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Senior Vice President and Chief
Financial Officer
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