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.

U. of Phoenix Parent Company to Repay Investors $280 Million

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