Apollo Shareholders Sue Company to Stop Sale

Apollo Education Group, the parent company of the University of Phoenix, is facing a lawsuit from two shareholders who are seeking to postpone or terminate the company's sale, according to a corporate filing posted Thursday.

Earlier this week, Apollo learned that the shareholders had filed a complaint against the company in the Superior Court of Arizona prior to a required 90-day waiting period. That complaint, in addition to requesting terminating the Apollo merger, accuses the company of corporate waste and abuse of control.

In May, Apollo shareholders approved a $1.14 billion deal for the company to be purchased by a consortium of investors.