Shares of Apollo (APOL), the nation’s largest for-profit educator were falling 1.7% in recent trading, on news that the Securities and Exchange Commission is investigating insider trading at the company.
As Reuters is reporting, Apollo disclosed today that the SEC contacted the company seeking information about stock sales and a Feb. 28 regulatory filing. That filing, which included the companyÂs second-quarter guidance, sent shares tumbling as the company estimated it would enroll fewer new students. Â
This is the latest in a string of scrapes Apollo has had with the government, as the sector has come under the microscope regarding potentially fraudulent activities by recruiters and other employees as well as low graduation rates, among other issues.
Apollo did not release the names of the insiders in question, but said it is voluntarily working with the SECÂs investigation.
