Bloomberg.com: Apollo Says Ex-Officers May Have Concealed Practices
Apollo Group Inc., the largest U.S. owner of for-profit colleges, said former officers may have hidden failures in reporting of stock-options grants. The company will delay its annual financial report.
The former executives were Chief Financial Officer Kenda Gonzales, 49, and Chief Accounting Officer Dan Bachus, 36, both of whom resigned in November, said Joe Cockrell, a spokesman for the Phoenix, Arizona-based company. John R. Norton, 78, the chairman of its compensation committee, is resigning because he doesn’t plan to seek re-election, Apollo said in a statement today.
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