Apollo Group, Inc. Appoints Joseph L. D'Amico Interim Chief Financial Officer.* Receives NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on staff determination letter * Provides update on Department of Education audit PHOENIX -- Apollo Group, Inc. (Nasdaq:APOL APOL Asia Pacific Online APOL Alternate Person on Line ) announced today that it has appointed Joseph L. D'Amico as interim Chief Financial Officer, effective November 14, 2006. "We are pleased to welcome Joe to the Apollo team," said Brian Mueller, President of Apollo Group. "Joe's extensive experience will be extremely advantageous to Apollo during this transition time." Mr. D'Amico, 57, is a senior managing director with FTI FTI Free thyroxine index, see there Palladium Partners, an interim management company and a division of FTI Consulting, Inc. Prior to joining FTI in August, 2002, he was a partner with PricewaterhouseCoopers for 21 years where he served in leadership roles in the firm's Financial Advisory Services group as well as having served as an audit partner earlier in his career. Mr. D'Amico is a certified public accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. and a certified insolvency and restructuring advisor. He received an M.B.A. from the University of Chicago, and a B.S. in accountancy from the University of Illinois at Urbana-Champaign Early years: 1867-1880 The Morrill Act of 1862 granted each state in the United States a portion of land on which to establish a major public state university, one which could teach agriculture, mechanic arts, and military training, "without excluding other scientific . The Company also announced that it has received a NASDAQ Staff Determination letter dated November 15, 2006 indicating that the Company is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310(c)(14) because it has not yet filed its Annual Report on Form 10-K for the fiscal year ended August 31, 2006. The delay in the filing of this report is a result of the previously disclosed ongoing investigation by the Special Committee of the Company's Board of Directors regarding the Company's historic stock option practices. Pending a decision by the Nasdaq Listing Qualifications Panel, the Company will remain listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . The Company also provided an update to the previously disclosed Department of Education Office of the Inspector General Office of the Inspector General (or OIG) is a common sub-agency within cabinet-level agencies of the United States federal government and serves as auditing and investigative arm of the agency's programs focused on identifying waste, fraud and abuse. audit report. On November 3, 2006, the Department of Education issued a preliminary audit determination requesting additional documentation from the Company. The Company will comply with this request. Apollo Group, Inc. has been providing higher education programs to working adults for almost 30 years. Apollo Group, Inc., operates through its subsidiaries: The University of Phoenix, Inc., Institute for Professional Development, The College for Financial Planning Institutes Corporation, and Western International University, Inc. The consolidated enrollment in its educational programs makes it the largest private institution of higher education in the United States Higher education in the United States refers to colleges and universities within the United States. Overview The American university system, like the American educational system in general, is highly decentralized because the U.S. . It offers educational programs and services at 100 campuses and 159 learning centers in 39 states, Puerto Rico, Washington DC, Alberta, British Columbia, Netherlands, and Mexico. For more information about Apollo Group, Inc. and its subsidiaries, call (800) 990-APOL or visit Apollo on the company website at: www.apollogrp.edu. |
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