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Apollo Shareholders Sue Company to Stop Sale

July 18, 2016

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.

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Ashley A. Smith

Ashley A. Smith, Reporter, covers community colleges, for-profit schools and non-traditional students for Inside Higher Ed. She joined the publication in 2015 after covering government and K-12 education for the Fort Myers News-Press in Florida for three years. Ashley also covered K-12 and higher education for three years at the Marshfield News-Herald in Wisconsin. She has interned with The Flint Journal, USA Today and the Detroit Free Press. Ashley grew up in Detroit and is a 2008 graduate of Michigan State University. 

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