Apollo Education Group Inc., owner of the University of Phoenix, fell in late trading after disclosing it received a subpoena from the Education Department for certain marketing and recruitment records.
For more than a decade, Graham Holdings Co., the former Washington Post Co., relied on American students at its Kaplan colleges to fuel growth. With for-profit education under siege in the U.S., the future of the rapidly transforming company may lie abroad.
Apollo Group Inc. , the biggest education company by enrollment and operator of the University of Phoenix, withdrew its forecast for fiscal 2011 citing regulatory scrutiny and declining numbers of new students. The shares fell about 12 percent in extended trading.