In the past few months, there have been articles in the press and discussions on radio and TV regarding how companies award stock options. Apollo Group has become suspect in how it has awarded stock options.
The Securities and Exchange Commission (SEC) has requested information from a large number of companies to determine whether any of them have back dated options - including but NOT ONLY Apollo.
Both the U.S. Attorney's Office and the SEC have requested Apollo group provide information for the last ten years!
Apollo group says they are fully cooperating with these requests for information.
According to Apollo Group,an initial review of the data indicates that, at no time, did Apollo back date options.
But to make double and triple sure, the Board has appointed an independent committee to oversee an investigation of Apollo’s stock option grant practices.
The investigating team includes independent lawyers and forensic accountants.
Apollo Group states the following as its position:
(1) The investigation will be diligent and unbiased. It will be concluded as quickly as possible but accuracy will not be subordinated to speed.
(2) Throughout the process Apollo Group will be cooperating fully with regulatory authorities. If it is found that stock option grant processes were in any respect improper, Apollo Group will take all appropriate corrective action that the Board deems appropriate.
(3) Apollo Group is dedicated to legal and ethical business practices and will not tolerate impropriety in any area of their operations.
Chairmain, Jack Sperling and President, Brian Mueller say, "Openness and integrity are our most important assets and we’re counting on all of you (employees) to help us communicate and promote these values everyday throughout our organization.
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