Truth in Corporate Justice LLC: It’s Showtime—At the Apollo Group Inc.
Worldwide Free Release Press
Oakland, Calif–October 18, 2006–Education provider Apollo Group Inc. (NASDAQ: APOL ) said Wednesday that its fiscal fourth-quarter profit slipped 12 percent from last year. This news came as the company also announced that expenses jumped 13 percent. Apollo Group is a “for-profit” education provider.
“Since January, we have focused on making significant strategic changes in two major areas of our business: marketing and retention. Much of the work required to launch our marketing and branding efforts is complete and we are already seeing evidence of its effectiveness,” said President Brian Mueller, in a prepared statement. Meanwhile, the company gleaned over its own internal investigation of the way it expensed stock options and that the investigation and the results thereof on their past accounting practices could not yet be quantified. The company said that a restatement could not be ruled out.
Apollo said in June that it had received a subpoena from the U.S. Attorney’s office. At least 125 companies have launched internal investigations or are the subject of probes by the U.S. Securities and Exchange Commission to determine if the dates of stock options were backdated and accounted for correctly or not. At issue is the practice of setting the date of options grants back to a period before a big rise in a company’s stock. This makes it more likely that executives will collect a far greater sum when they exercise the options.
At the time of this writing, Apollo shares are down almost 18% or $8.68 per share to dip just under $40 per share. For more information as this story develops, visit Truth in Corporate Justice’s www.backdatingoptions.com .
About Truth in Corporate Justice LLC
Truth in Corporate Justice LLC (www.worldwidetree.org) is a limited liability company under the umbrella of the Worldwide Tree Group that scrutinizes, supports, and endorses law firms that adhere to and are dedicated to the highest ethical, competency and zealous advocacy in order to maintain integrity in our legal system. It has started the practice of “L.E.O.” or Litigation Ethics Oversight. The group consists of TCJ, the Global Governance Center LLC, and Class in Action LLP—WWT’s law center. Additionally, the Group will begin growing its unique Worldwide Tree Multimedia LLC. You may contact Truth in Corporate Justice LLC at (310) 459-2560 or (800) 610-4998 or Neil Rothstein (nrothstein@worldwidetree.org ) directly at (619) 251-0887. TCJ is a limited liability company that will scrutinize, support, and endorse those law firms that adhere to TCJ’s ethical and competency standards in order to maintain the integrity of the legal system within the United States. TCJ seeks to empower anyone facing problems in our ever-changing world through education, access, guidance, networking, representation, and more.
TCJ also sponsors the website www.halliburtonsecuritieslitigation.com which is dedicated to updating the public on the ongoing securities litigation against Halliburton Corporation. Mr. Rothstein currently serves as Special Counsel to the Lead Plaintiff in the landmark case where it was proven that one lone voice can make a difference.
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