Inside these posts: University of Phoenix

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Nov. 2, 2010 at 5:11 p.m.
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Filed under: Education, Investigations, Jobs/employment

Career Ed settles student lawsuit, takes charge

By Ameet Sachdev

Career Education Corp. said Tuesday that it will pay about $40 million to settle lawsuits filed by students in one of its culinary schools.

The settlement was recorded as a pretax charge against the company’s third-quarter earnings. In the quarter ended Sept. 30, Career Education reported net income of $26.1 million, or 33 cents a diluted share. Operating income excluding the $40 million charge was $78.3 million.

In the year ago quarter, the company, which operates for-profit colleges, reported net income of $20.8 million, or 25 cents a diluted share. The year-ago quarter also included a special item for $18.8 million in compensation expense. Get the full story »

Oct. 14, 2010 at 1:33 p.m.
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Filed under: Education

For-profit college stocks hit on Apollo warning

By Associated Press

Investors are fleeing for-profit college stocks after the sector’s bellwether predicted a 40 percent drop in new student enrollment next quarter.

Apollo Group Inc., which runs the University of Phoenix, attributes the expected decline to changing practices aimed at satisfying new government regulations. Get the full story »