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Apollo Education Group

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Apollo Education Group, Inc.
TypePrivate
IndustryFor-profit education
Founded1973
FounderJohn Sperling
HeadquartersPhoenix, Arizona, U.S.
Key people
Anthony W. Miller
(Chairman)
Gregory W. Cappelli
(CEO)
Jeff Langenbach
(SVP)
Peter J. Cohen (President, University of Phoenix)
SubsidiariesApollo Global
BPP Holdings
College for Financial Planning
Institute for Professional Development
Meritus University
University for the Arts, Sciences, and Communication
Universidad Latinoamericana
University of Phoenix
Websitewww.apollo.edu

Apollo Education Group, Inc. is an American corporation based in the South Phoenix area of Phoenix, Arizona, with an additional corporate office in Chicago, Illinois.[1]

The company owns and operates several higher-learning institutions, including the University of Phoenix, BPP Holdings in the United Kingdom, University for the Arts, Sciences, and Communication in Santiago, Chile, and Universidad Latinoamericana in Mexico.

On May 8, 2016, the company announced its sale to a group of private investors for $1.14 billion, effectively going private. On February 1, 2017, Apollo Education Group Inc announced the completion of its acquisition by a consortium of investors including The Vistria Group, LLC and funds affiliated with Apollo Global Management, LLC.[2]

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Corporation

Corporation

A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stock, or by whether they are formed to make a profit. Depending on the number of owners, a corporation can be classified as aggregate or sole.

South Phoenix

South Phoenix

South Phoenix is a region of Phoenix, Arizona. By one definition it encompasses an area south of the Salt River, north of Roeser Road, east of 24th Street, and west of 32nd Street.

Phoenix, Arizona

Phoenix, Arizona

Phoenix is the capital and most populous city of the U.S. state of Arizona, with 1,608,139 residents as of 2020. It is the fifth most populous city in the United States, the most populous state capital in the country, and the only U.S. state capital with a population of more than one million residents.

University of Phoenix

University of Phoenix

University of Phoenix (UoPX) is a private for-profit university headquartered in Phoenix, Arizona. Founded in 1976, the university confers certificates and degrees at the certificate, associate, bachelor's, master's, and doctoral degree levels. It is institutionally accredited by the Higher Learning Commission and has an open enrollment admissions policy for many undergraduate programs. The school is currently owned by Apollo Global Management and Vistria Group, two US private-equity firms, but is in the process of being sold.

BPP Holdings

BPP Holdings

BPP Holdings Limited is a holding company of the United Kingdom-based provider of professional and academic education. It was a subsidiary of the American for-profit higher education company Apollo Global since July 2009, having formerly been listed on the London Stock Exchange and a constituent of the FTSE 250 Index, before being purchased by TDR Capital in March 2021.

University for the Arts, Sciences, and Communication

University for the Arts, Sciences, and Communication

University for the Arts, Sciences, and Communication (UNIACC) is a Chilean university located in Providencia, Chile. It is a nonprofit institution owned by the Apollo Group. In 2019, Apollo University network reorganized its focus strategically on some countries in the regions where it operates; therefore, ceasing its operations in Chile. That makes it clear that the University's controllers have always worked in strict adherence to the letter of the Chilean Law on Higher Education, but now going further in compliance to the "spirit of the Law" as its controllers are non-profit entities. Today, UNIACC is controlled by three different nonprofit organizations: Corporación Educacional Veritas, Corporación Educacional San Félix, and Corporación Educacional Aura.

Universidad Latinoamericana

Universidad Latinoamericana

Universidad Latinoamericana is a private university in Mexico. It is part of Lottus Education, a Mexican Education Group. It offers Traditional programs, Executive Programs and Online programs for bachelor's degree, master's degree and specializations.

Apollo Global Management

Apollo Global Management

Apollo Global Management, Inc. is an American global private-equity firm. It provides investment management and invests in credit, private equity, and real assets. As of December 31, 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors. Since inception in 1990, private-equity funds managed by Apollo have produced a 24% internal rate of return (IRR) to investors, net of fees.

History

Founding

Apollo Education Group, Inc. was founded in 1973 by John Sperling and John D. Murphy.[3]

Apollo Group as a Publicly Traded Corporation (1994–2016)

Corporate revenues for the year ending August 31, 2005 were $2.251 billion.[4]

In 2008, Apollo Group formed a joint venture with Carlyle Group, called Apollo Global, to make international acquisitions.[5] Apollo also purchased schools in Mexico and Chile[6]

As of 5 October 2011, Apollo Group had a market capitalization of $5.36 billion and a price-to-earnings ratio of 13.22.[7]

Declining revenues

The Apollo Group announced quarterly results on 30 June 2011. The company reported $1.45 in earnings per share for the previous quarter, exceeding the Thomson Reuters estimate of $1.33 by $0.12. Apollo Group's quarterly revenue was down 7.6% on a year-over-year basis.[8]

In March 2011 the Apollo Group sold its corporate headquarters in Arizona and leased it back in order to raise $170 million in cash. The deal with Cole Real Estate Investments included a 20-year lease requiring Apollo to remain in the complex.[9] "In our view, it does not change the view of the company. Apollo isn't hungry for cash: It carries little debt but generates $4 billion in revenue and has $650 million in net income and $1.5 billion in cash on its balance sheet", commented Peter Wahlstrom of Morningstar, an investment-research company.[10]

Revenue of the company continued to fall: in the fiscal year ending on August 31, 2011, the net revenue was $4.7 billion; in 2012, $4.2 billion; in 2013, $3.6 billion.[11] The operating income during this period fell from $956 million in 2011, to $676 million in 2012, to $427 million in 2013. The company attributed this to a decline in enrollment, with degreed enrollment declining from 380,000 in 2011, to 328,000 in 2012, to 269,000 in 2013.[12]

In 2015, co-founder John D. Murphy argued that Apollo Group "lost its direction when it abandoned its roots, which were serving working adults, not recent high school graduates."[3]

Asset under Apollo Global Management (2016–present)

On May 6, 2016, the shareholders of the company approved the sale of the firm for $1.14 billion to a group of private investors:[13] Najafi Companies, a Phoenix firm, the New York-based Apollo Global Management and, the Vistria Group of Chicago.[14] The offer amounted to $10 per share, compared to its high of $89/share in 2009. The delisting was completed on February 1, 2017.[2]

In March 2022, Pearson rejected a £7bn takeover bid from Apollo Global Management.[15]

Anthony W. Miller is Apollo Education Group's chairman.[16]

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John Sperling

John Sperling

John Glen Sperling was an American billionaire businessman who is credited with having led the contemporary for-profit education movement in the United States The fortune he amassed was based on his founding of the for-profit University of Phoenix for working adults in 1976, which became part of the publicly traded Apollo Group. Sperling brought the business model of higher education to the forefront, a model that employed the scientific management of higher education to the forefront: diminishing the power and importance of labor, increasing the importance of technology, marketing and advertising, and as University of Phoenix cofounder John D. Murphy explained, maximizing profit. For ventures ranging from pet cloning to green energy, he has widely been described as an "eccentric" self-made man by The Washington Post and other media.

Market capitalization

Market capitalization

Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.

Earnings per share

Earnings per share

Earnings per share (EPS) is the monetary value of earnings per outstanding share of common stock for a company. It is a key measure of corporate profitability and is commonly used to price stocks.

Thomson Reuters

Thomson Reuters

Thomson Reuters Corporation is a Canadian multinational conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre.

Morningstar, Inc.

Morningstar, Inc.

Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois and was founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.

Anthony W. Miller

Anthony W. Miller

Anthony Wilder "Tony" Miller was the United States Deputy Secretary of Education, confirmed on July 24, 2009 to replace Raymond Simon, who resigned from office on January 20, 2009. Miller was a co-founder at The Vistria Group, LLC and is currently the Chairman of Apollo Education Group, parent company of the University of Phoenix.

Schools and subsidiaries

University of Phoenix

The University of Phoenix is a wholly owned subsidiary of the Apollo Education Group. The University of Phoenix is one of the largest higher education providers in North America.[17] The university has approximately 40 campuses and confers degrees in over 100 degree programs at the associate, bachelor's, master's and doctoral levels.[18] The University of Phoenix has an open enrollment admission policy only requiring a high-school diploma, GED, or an equivalent qualification.[19] The school also provides associate or bachelor's degree applicants opportunity for advanced placement through its prior learning assessment, through which, aside from previous coursework, college credit can come from experiential learning essays, corporate training, and certificates or licenses.[20]

University of Phoenix students owe more than $35 billion in student loan debt, the most of any US college.[21] In 2014, University of Phoenix was highlighted in a Time.com article titled "The 5 Colleges That Leave the Most Students Crippled By Debt".[22]

Apollo Global (later known as Vanta Education)

Apollo Group formed Apollo Global to manage and form subsidiaries, assets, and holdings overseas. As part of their first acquisitions, Apollo Global acquired University for the Arts, Sciences, and Communication (UNIACC) in Chile as well as the now defunct Meritus University in Canada.[5][23]

Apollo Global is a joint venture between the Apollo Group and the Carlyle Group. The two partners invested $1 billion in Apollo Global. The Apollo Group invested roughly $801 million and owns 80.1% of the new company. Carlyle invested $199 million and controls the remaining shares. Apollo Global replaced Apollo International.[24][25]

Apollo Global changed its name to Vanta Education. Its current holdings are BPP, FAEL, Open Colleges, and ULA.[26]

BPP Holdings

BPP Holdings is a holding company of the United Kingdom-based provider of professional and academic education. The company is divided into BPP Learning Media, BPP Professional Education and BPP University. BPP University is a United Kingdom degree-awarding body with four schools: BPP Business School, BPP Law School, BPP School of Health and BPP School of Foundation and English Language Studies. Apollo Global acquired BPP Holdings (which includes BPP University) in the United Kingdom for $607 million in July 2009.[27]

Universidad Latinoamericana, Mexico

The Universidad Latinoamericana in Mexico was acquired by the Apollo Group in 2007.[28]

Faculdade Educacional da Lapa (FAEL)

Open Colleges, Australia

Open Colleges in Australia was acquired for a 70% share agreement by the Apollo Group in 2013.[29]

Bridge School of Management

Milpark Education

Apollo Group announced in August 2011 a $75 million deal to buy Carnegie Learning along with a separate agreement to acquire related technology from CMU for $21.5 million, to be paid over 10 years.[30]

Aptimus Marketing

In 2007, Apollo Group purchased Aptimus for $48 million.[31]

Aptimus is a full-service, in-house marketing agency for Apollo Group education institutions, including the University of Phoenix, Axia College, the Institute for Professional Development, Olympus High School, and Insight School.[32]

Orange Lutheran Online

Lutheran High School of Orange County (LHSOC) licenses its name to the Apollo Group to offer online courses.[33]

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University of Phoenix

University of Phoenix

University of Phoenix (UoPX) is a private for-profit university headquartered in Phoenix, Arizona. Founded in 1976, the university confers certificates and degrees at the certificate, associate, bachelor's, master's, and doctoral degree levels. It is institutionally accredited by the Higher Learning Commission and has an open enrollment admissions policy for many undergraduate programs. The school is currently owned by Apollo Global Management and Vistria Group, two US private-equity firms, but is in the process of being sold.

Associate degree

Associate degree

An associate degree is an undergraduate degree awarded after a course of post-secondary study lasting two to three years. It is a level of qualification above a high school diploma, GED, or matriculation, and below a bachelor's degree.

Doctorate

Doctorate

A doctorate, doctor's degree, or doctoral degree is a postgraduate academic degree awarded by universities and some other educational institutions, derived from the ancient formalism licentia docendi. In most countries, a research degree qualifies the holder to teach at university level in the degree's field or work in a specific profession. There are a number of doctoral degrees; the most common is the Doctor of Philosophy (PhD), awarded in many different fields, ranging from the humanities to scientific disciplines.

Open admissions

Open admissions

Open admissions, or open enrollment, is a type of unselective and noncompetitive college admissions process in the United States in which the only criterion for entrance is a high school diploma or a certificate of attendance or General Educational Development (GED) certificate.

Recognition of prior learning

Recognition of prior learning

Recognition of prior learning (RPL), prior learning assessment (PLA), or prior learning assessment and recognition (PLAR), describes a process used by regulatory bodies, adult learning centres, career development practitioners, military organizations, human resources professionals, employers, training institutions, colleges and universities around the world to evaluate skills and knowledge acquired outside the classroom for the purpose of recognizing competence against a given set of standards, competencies, or learning outcomes. RPL is practiced in many countries for a variety of purposes, for example an individual's standing in a profession, trades qualifications, academic achievement, recruitment, performance management, career and succession planning.

University for the Arts, Sciences, and Communication

University for the Arts, Sciences, and Communication

University for the Arts, Sciences, and Communication (UNIACC) is a Chilean university located in Providencia, Chile. It is a nonprofit institution owned by the Apollo Group. In 2019, Apollo University network reorganized its focus strategically on some countries in the regions where it operates; therefore, ceasing its operations in Chile. That makes it clear that the University's controllers have always worked in strict adherence to the letter of the Chilean Law on Higher Education, but now going further in compliance to the "spirit of the Law" as its controllers are non-profit entities. Today, UNIACC is controlled by three different nonprofit organizations: Corporación Educacional Veritas, Corporación Educacional San Félix, and Corporación Educacional Aura.

Chile

Chile

Chile, officially the Republic of Chile, is a country located in western South America. It is the southernmost country in the world and closest to Antarctica, stretching along a narrow strip of land between the Andes Mountains and the Pacific Ocean. With an area of 756,096 square kilometers (291,930 sq mi) and a population of 17.5 million as of 2017, Chile shares borders with Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage to the south. The country also controls several Pacific islands, including Juan Fernández, Isla Salas y Gómez, Desventuradas, and Easter Island, and claims about 1,250,000 square kilometers (480,000 sq mi) of Antarctica as the Chilean Antarctic Territory. The capital and largest city of Chile is Santiago, and the national language is Spanish.

Meritus University

Meritus University

Meritus University was the Canadian brand name of a for-profit university owned and operated by the Apollo Group in the United States, the owners of the University of Phoenix. The offices of the company were located in New Brunswick, Canada. On January 24, 2011, citing how "enrollment will continue to be insufficient to sustain the required quality academic and student service infrastructure we and our students demand", Meritus University announced its closure, with their last classes having been held on March 14, 2011. Students’ academic records were transferred to the University of Phoenix.

BPP Holdings

BPP Holdings

BPP Holdings Limited is a holding company of the United Kingdom-based provider of professional and academic education. It was a subsidiary of the American for-profit higher education company Apollo Global since July 2009, having formerly been listed on the London Stock Exchange and a constituent of the FTSE 250 Index, before being purchased by TDR Capital in March 2021.

BPP University

BPP University

BPP University is a private university in the United Kingdom.

BPP Law School

BPP Law School

BPP University Law School is a private, for-profit provider of professional and academic legal education in the United Kingdom and one of the founding schools of BPP University.

Sold or closed operations

Meritus University (closed 2011)

Apollo Group owned and operated Meritus University in Canada.[34] On January 24, 2011, citing how "enrollment will continue to be insufficient to sustain the required quality academic and student service infrastructure we and our students demand," Meritus University announced its closure, with their last classes taking place on March 14, 2011.[5]

Insight Schools (sold 2011)

Insight Schools is an online high school offering classes from 9th to 12th grade. Insight both ran high schools for school districts and operated online schools in several U.S. states.[35] Apollo Group acquired Insight Schools in 2007; in 2011 Apollo Group sold Insight Schools to Kaplan, Inc.[36]

The Iron Yard (closed 2017)

On June 11, 2015, Apollo Education Group acquired a 62% interest in TIY Academy, LLC ("The Iron Yard"), a provider of nondegree information technology bootcamp programs in the United States, for $15.9 million.[37] The Iron Yard subsidiary closed all campuses in 2017[38] and ceased operations early in 2018.[39]

College of Financial Planning (sold 2017)

The College of Financial Planning was acquired by Apollo in 1997 and sold to Kaplan in December 2017.[40]

Carnegie Learning (sold 2018)

Carnegie Learning Logo
Carnegie Learning Logo

Carnegie Learning is a publisher of math curricula for middle school, high school, and post-secondary students. The company uses a blended approach, with a textbook and software (called Cognitive Tutor) for each subject. The company also produces products for the homeschool and tutoring markets. Based in Pittsburgh, Pennsylvania, Carnegie Learning was founded by cognitive science researchers from Carnegie Mellon University in conjunction with veteran mathematics teachers.

All of the Cognitive Tutor curricula are based on extensive scientific research from Carnegie Mellon University, along with field tests in schools throughout the United States. The Cognitive Tutors are based on the ACT-R theory of learning, memory and performance. The Tutors themselves were developed using an empirical testing process.[41]

Western International University (closed, 2019)

Western International University (West) was a university offering online programs for adult learners. Founded in 1978, West offers associate, bachelor's and master's degree programs to approximately 1,374 students (Fall 2014). West's mission is to provide a broad educational foundation, with a focus on business and technology, designed to prepare students for leadership positions in a dynamic, global marketplace. West was formerly located in Phoenix, AZ and was most recently located in Tempe, Arizona. West offered in person classroom teachings and online education. The university is currently in the process of closing, and is "teaching out" all current students.[42] The school will close during the early part of 2019.

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Meritus University

Meritus University

Meritus University was the Canadian brand name of a for-profit university owned and operated by the Apollo Group in the United States, the owners of the University of Phoenix. The offices of the company were located in New Brunswick, Canada. On January 24, 2011, citing how "enrollment will continue to be insufficient to sustain the required quality academic and student service infrastructure we and our students demand", Meritus University announced its closure, with their last classes having been held on March 14, 2011. Students’ academic records were transferred to the University of Phoenix.

Kaplan, Inc.

Kaplan, Inc.

Kaplan, Inc. is an international educational services company that provides educational and training services to colleges, universities, businesses and individuals around the world. Founded in 1938 by Stanley Kaplan, the company offers a variety of test preparation, certifications, and student support services. The company is headquartered in Fort Lauderdale, Florida, and is a wholly owned subsidiary of Graham Holdings Company.

Carnegie Learning

Carnegie Learning

Carnegie Learning, Inc. is a provider of K-12 education services for math, literacy and ELA, world languages, and applied sciences.

Middle school

Middle school

A middle school is an educational stage which exists in some countries, providing education between primary school and secondary school. The concept, regulation and classification of middle schools, as well as the ages covered, vary between and sometimes within countries.

Tutoring

Tutoring

Tutoring is private academic support, usually provided by an expert teacher; someone with deep knowledge or defined expertise in a particular subject or set of subjects.

Carnegie Mellon University

Carnegie Mellon University

Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. The institution was originally established in 1900 by Andrew Carnegie as the Carnegie Technical Schools. In 1912, it became the Carnegie Institute of Technology and began granting four-year degrees. In 1967, it became the current-day Carnegie Mellon University through its merger with the Mellon Institute of Industrial Research, founded in 1913 by Andrew Mellon and Richard B. Mellon and formerly a part of the University of Pittsburgh.

ACT-R

ACT-R

ACT-R is a cognitive architecture mainly developed by John Robert Anderson and Christian Lebiere at Carnegie Mellon University. Like any cognitive architecture, ACT-R aims to define the basic and irreducible cognitive and perceptual operations that enable the human mind. In theory, each task that humans can perform should consist of a series of these discrete operations.

Lawsuits and financial reporting

After a separate investigation in 2004, the Apollo Group paid about $10 million in fines to the U.S. Department of Education, which had criticised UoP's admissions practices: for example, recruiters were paid bonuses depending on the numbers they signed up.[43] "In 2004, a scathing report issued by the US Department of Education concluded that Phoenix, as The Chronicle of Higher Education put it, had a 'high-pressure sales culture' that intimidated recruiters who failed to meet targets and encouraged the enrollment of unqualified students—in short that it rewarded 'the recruiters who put the most "asses in classes"'. Apollo illegally withheld the report, but it was leaked and the group's value on the stock market crashed. A suit was brought alleging that its management had 'disseminated materially false and misleading financial statements in an effort to inflate its stock price and attract investors'."[44]

"In 2006, the company's controller and chief accounting officer resigned amid allegations that the books had been cooked; in 2007, the Nasdaq Listing and Hearing Review Council threatened to withdraw Apollo's listing from the stock exchange."[44]

In January 2008, the above stock-price suit was decided. Apollo was found liable for misleading investors by failing to disclose the Department of Education report that criticized the University of Phoenix's recruiting practices. The jury awarded the shareholders $280 million in damages.[45][44] The trial judge vacated the verdict and found for the defendants,[46] but the Ninth Circuit reinstated the verdict.[47][48] The U.S. Supreme Court declined to hear Apollo's appeal of the verdict.[49][50][44] The case ultimately resolved with Apollo being liable for $145 million; the reported $280 million figure may have been an error because the jury's award was for $5.55 per share.[51][52]

In November 2008, Apollo paid $1.89 million to settle a religious discrimination class action without admitting wrongdoing. The Equal Employment Opportunity Commission had brought the claim on behalf of non-Mormon employees of University of Phoenix Online. Under the settlement, University of Phoenix Online agreed to prohibit favoritism toward the Church of Jesus Christ of Latter-day Saints.[53]

In July 2015, Apollo announced the Federal Trade Commission (FTC) was investigating UoP for unfair business practices; "The company must hand over documents regarding matters that include its marketing, tuition, billing, accreditation, and military recruitment practices going back as far as 2011."[54] In January 2016, the FTC filed suit against Apollo and University of Phoenix.[55] The court ordered Apollo and UoP to comply with the FTC's civil investigative demands.[56]

Discover more about Lawsuits and financial reporting related topics

The Chronicle of Higher Education

The Chronicle of Higher Education

The Chronicle of Higher Education is a newspaper and website that presents news, information, and jobs for college and university faculty and student affairs professionals, including staff members and administrators. A subscription is required to read some articles.

Equal Employment Opportunity Commission

Equal Employment Opportunity Commission

The U.S. Equal Employment Opportunity Commission (EEOC) is a federal agency that was established via the Civil Rights Act of 1964 to administer and enforce civil rights laws against workplace discrimination. The EEOC investigates discrimination complaints based on an individual's race, color, national origin, religion, sex, age, disability, genetic information, and retaliation for participating in a discrimination complaint proceeding and/or opposing a discriminatory practice.

The Church of Jesus Christ of Latter-day Saints

The Church of Jesus Christ of Latter-day Saints

The Church of Jesus Christ of Latter-day Saints, informally known as the LDS Church or Mormon Church, is a nontrinitarian Christian church that considers itself to be the restoration of the original church founded by Jesus Christ. The church is headquartered in the United States in Salt Lake City, Utah, and has established congregations and built temples worldwide. According to the church, it has over 16.8 million members and 54,539 full-time volunteer missionaries. Based on these numbers, the church is the fourth-largest Christian denomination in the United States as of 2012, and reported over 6.7 million US members as of 2021. It is the largest denomination in the Latter Day Saint movement founded by Joseph Smith during the early 19th-century period of religious revival known as the Second Great Awakening.

Federal Trade Commission

Federal Trade Commission

The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction over federal civil antitrust enforcement with the Department of Justice Antitrust Division. The agency is headquartered in the Federal Trade Commission Building in Washington, DC.

Source: "Apollo Education Group", Wikipedia, Wikimedia Foundation, (2022, December 24th), https://en.wikipedia.org/wiki/Apollo_Education_Group.

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References
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  45. ^ Jury Finds U of Phoenix Parent Company Liable for $280 Million Chronicle of Higher Education January 16, 2008
  46. ^ Judge James A. Teilborg, Order, page 10: "The evidence at trial was insufficient to support the jury's finding that the Flynn reports were corrective disclosures. Therefore, PABF failed to prove loss causation, and Apollo is entitled to judgment as a matter of law." http://securities.stanford.edu/filings-documents/1032/APOL04_01/200884_r02o_0402147.pdf
  47. ^ 23 June 2010, In re: Apollo Group Inc. Sercurities Litigation, Ninth Circuit, case 08-16971, http://cdn.ca9.uscourts.gov/datastore/memoranda/2010/06/23/08-16971.pdf
  48. ^ Thom Weidlich and Emily Heller, "Apollo Group’s $277.5 Million Jury Loss Is Reinstated on Appeal", Bloomberg, https://www.bloomberg.com/news/articles/2010-06-23/apollo-group-s-277-5-million-jury-loss-reinstated-by-u-s-appeals-court
  49. ^ 10-649, https://www.supremecourt.gov/orders/courtorders/030711zor.pdf
  50. ^ Stohr, Greg (7 March 2011). "Apollo Group Rejected by High Court on $300 Million Award". Bloomberg.
  51. ^ Kevin LaCroix, 5 December 2011, "After Rare Trial and Lengthy Appeals, Apollo Group Securities Suit Finally Settles for $145 Million", http://www.dandodiary.com/2011/12/articles/securities-litigation/after-rare-trial-and-lengthy-appeals-apollo-group-securities-suit-finally-settles-for-145-million/
  52. ^ Stanford Law School, Securities Class Action Clearinghouse, http://securities.stanford.edu/filings-case.html?id=103281
  53. ^ Gilbertson, Dawn (November 5, 2008). "Religious bias lawsuit settled by Apollo Group". Arizona Republic. Retrieved January 24, 2016.
  54. ^ Lobosco, Katie (29 July 2015). "University of Phoenix is the latest college under investigation". CNN Money. Retrieved 2016-02-08.
  55. ^ Federal Trade Commission v. Apollo Education Group Incorporated and University of Phoenix, case number: 2:2016mc00002, filed January 12, 2016, Arizona District Court
  56. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-03-11. Retrieved 2016-02-04.{{cite web}}: CS1 maint: archived copy as title (link)
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