Covering the business of education and training

Apollo Group, owner of the University of Phoenix was able to successfully buy more time.

In a company press release issued this morning...reprinted here. (underlining is mine.)

"PHOENIX--(BUSINESS WIRE)--Jan. 18, 2007--Apollo Group, Inc. (Nasdaq:APOL) announced today that, as expected, it has received a further Nasdaq Staff Determination letter. The Company was unable to file its Quarterly Report on Form 10-Q for the first quarter ended November 30, 2006 by the required filing date of January 9, 2007, because it has not yet completed the restatement of its financial statements following receipt by the Company's Board of Directors (the "Board"), on December 8, 2006, of the Special Committee's final factual findings of its stock option investigation. The Company, as a result, received a Nasdaq Staff Determination notice, dated January 11, 2007, indicating that the Company is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310(c)(14). The notice, which the Company expected, was issued in accordance with standard Nasdaq procedures. Although the Company is diligently working on the restatement of its financial statements, the Company at this time is unable to predict when such restatement will be completed.

As previously reported, the Company's securities will continue to be listed on the Nasdaq Stock Market during the Nasdaq Listing and Hearings Council's ("Listing Council") review. The Listing Council issued a stay of delisting on December 22, 2006, pending further review of the Nasdaq Listing and Qualifications Panel's decision to delist and suspend trading of the Company's securities on The Nasdaq Stock Market.

A company the size of Apollo Group apparently needs a lot of time to get their house in order and the Nasdaq group seems happy to give it to them....for now.