Apollo (APOL) Shares Fall Mid-Day as Florida AG Begins Investigation of University of Phoenix

Shares of Apollo Group (Nasdaq: APOL) are weak this afternoon following a Form 8-K from the company which discloses that the company's University of Phoenix subsidiary has received notice from the Attorney General of Florida that the regulator has begun an investigation into possible unfair and deceptive trade practices associated with certain alleged practices of University of Phoenix. The notice includes a subpoena to produce documents and detailed information for the time period of January 1, 2006 to the present about a broad spectrum of University of Phoenix’s business.

After trading in positive territory throughout most of today's session, shares of Apollo are now well into the red. At last check, Apollo shares were down 0.75% to $36 even.

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