Apollo Group Inc fraud case 2004
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The Situation in 2004
The Apollo Group had already seen its stock price drop over the summer of 2004 when the recruiting scandal broke. Despite increased revenues and net profit, earnings per share had decreased, a result of shares outstanding peaking at that time. The company had suffered a slight deterioration in liquidity, but with no long term debt on its books had remained in a very sound position financially
It is reasonable to expect that part of the rapid growth at the University of Phoenix owed to the aggressive recruiting practices that had been the subject of the report. The company's growth rate was staggering at the time. For example, it needed to add almost 57,000 students in 2004 just to meet its growth target. Industry observers felt that Apollo's rate of growth was unsustainable, but that there was still more room for the company to find new students (Symonds, 2005)......
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