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DeVry (DV) Reaches Settlement with Department of Education
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DeVry Education Group, Inc. (DV - Free Report) recently announced that it has reached a settlement with the U.S. Department of Education regarding its Jan 2016 Notice of Intent to Limit.
The Notice was about a specific graduate employment statistic previously used by DeVry University. This statistic was calculated based on student-specific data since 1975. However, the Notice contended that DeVry University lacked such student-specific data for the period from 1975 to Oct 1980.
The Department of Eduation further contended that DeVry University was required to keep its Career Services Manuals to substantiate its graduate employment rates, but its earliest manual was from 1983. However, DeVry University claimed that it produced to the Department campus-level summaries of graduate outcome data for the period from 1975 to Oct 1980 and student-specific data Oct 1980 onward, as well as Career Services Manuals from 1983.
As a result, a settlement was reached between the two parties to no longer use the statistic in question or to make any other representations regarding the graduate employment outcomes of DeVry University graduates for the same time period.
Consequently, DeVry University’s participation in Title IV programs will also be under provisional certification. However, the company claims that the settlement will not hinder its ability to serve current or prospective students. Also, the university can continue to communicate its strong student outcomes, while providing assurances regarding the extent of its graduate employment data.
Meanwhile, we remind investors that DeVry Education Group’s total revenue decreased 3.5% in the 12 months ending Jun 30, 2016. Notably, the company’s Business, Technology and Management segment revenues (that includes DeVry University) declined 23% in fiscal 2016, primarily hurt by the weak enrollment trend at the university.
Nonetheless, the university is undertaking several student-focused initiatives to return to growth, while it faces tough competition from other schools such as Birdgepoint Education, Inc. , Lincoln Educational Services Corporation (LINC - Free Report) and Universal Technical Institute, Inc. (UTI - Free Report) to name a few.
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DeVry (DV) Reaches Settlement with Department of Education
DeVry Education Group, Inc. (DV - Free Report) recently announced that it has reached a settlement with the U.S. Department of Education regarding its Jan 2016 Notice of Intent to Limit.
The Notice was about a specific graduate employment statistic previously used by DeVry University. This statistic was calculated based on student-specific data since 1975. However, the Notice contended that DeVry University lacked such student-specific data for the period from 1975 to Oct 1980.
The Department of Eduation further contended that DeVry University was required to keep its Career Services Manuals to substantiate its graduate employment rates, but its earliest manual was from 1983. However, DeVry University claimed that it produced to the Department campus-level summaries of graduate outcome data for the period from 1975 to Oct 1980 and student-specific data Oct 1980 onward, as well as Career Services Manuals from 1983.
As a result, a settlement was reached between the two parties to no longer use the statistic in question or to make any other representations regarding the graduate employment outcomes of DeVry University graduates for the same time period.
Consequently, DeVry University’s participation in Title IV programs will also be under provisional certification. However, the company claims that the settlement will not hinder its ability to serve current or prospective students. Also, the university can continue to communicate its strong student outcomes, while providing assurances regarding the extent of its graduate employment data.
DEVRY EDUCATION Price
DEVRY EDUCATION Price | DEVRY EDUCATION Quote
Meanwhile, we remind investors that DeVry Education Group’s total revenue decreased 3.5% in the 12 months ending Jun 30, 2016. Notably, the company’s Business, Technology and Management segment revenues (that includes DeVry University) declined 23% in fiscal 2016, primarily hurt by the weak enrollment trend at the university.
Nonetheless, the university is undertaking several student-focused initiatives to return to growth, while it faces tough competition from other schools such as Birdgepoint Education, Inc. , Lincoln Educational Services Corporation (LINC - Free Report) and Universal Technical Institute, Inc. (UTI - Free Report) to name a few.
DeVry currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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