I used to be an Academic Counselor for University of Phoenix Online's newest sister school, Axia College of University of Phoenix Online. On March 10, 2006 all counselor's were asked to schedule a list of students who were not currently in class to make it look like they were currently attending classes. We were asked to build out 6 classes per student, and were given 2 hours to complete this "special project." This act came right before a stockholder's meeting at the end of the quarter and was done in attempts to inflate it's stock price after falling some 13% to retain investors.
By scheduling students for classes they were not currently in, this helped UOP's books appear to have more revenue displayed than there really was. When asked why we were being asked to schedule students who were not currently in classes, nor were informed that they were being scheduled, management had no answers.
According to the Business Journal of Phoenix, 10/20/05
this is the same type of practice that got University of Phoenix Online in trouble last year, now they are still getting away with it.
"Judge upholds securities suit against Apollo Group
Apollo Group Inc. Thursday announced that a U.S. district court in Arizona has denied a motion to dismiss a class action securities lawsuit against it.
The law firm of Robbins Umeda & Fink LLP filed the class action lawsuit on behalf of purchasers of Apollo securities last year between Feb. 27 and Sept. 14. The complaint alleges that during this time frame Apollo management disseminated materially false and misleading financial statements in an effort to inflate its stock price and attract investors.
In a filing with the U.S. Securities and Exchange Commission, the company said that it denies all claims and that it intends to defend itself vigorously against the allegations made in the suit.
Apollo Group (NASDAQ: APOL) is a Phoenix-based for-profit education provider. Its subsidiaries include the University of Phoenix and Western International University."
This company needs to be investigated by the Department of Education because they are using their employees to illegally perform these actions in attempts to beat the stock market. This company must be stopped.