The Apollo Group, the parent company of the University of Phoenix, was found liable this week for misleading investors and ordered to repay shareholders $280 million, according to the Associated Press.

A federal jury deliberated for two day on the case. The Apollo Group was accused to withholding a 2004 US Department of Education report that was critical of the University of Phoenix. When the report later became public, Apollo Group stock fell sharply, costing investors.

The Chronicle of Higher Education is among those covering the story.

The Jury fund that the Apollo group "knowingly and recklessly" made false statements to the Securities and Exchange Commission, in a press release, and in four different conference calls.

At trial the Apollo Group used the rather novel argument that the Department of Education was wrong about them and the report wasn't true. the jury didn't buy that.

The Apollo Group has annual revenues of about $2.8 billion. Some former recruiters for the University of Phoenix have a separate suit pending, a false claims suit that seeks $1.5 billion in damages. The Apollo Group claims that suit is invalid because the issues are covered in a settle it reached with the Department of Education in 2004.