UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________
FORM 8-K
______________
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report
(Date
of earliest event reported)
January
27, 2016
______________
DEVRY
EDUCATION GROUP INC.
(Exact
name of registrant as specified in its charter)
______________
|
Delaware |
1-13988 |
36-3150143 |
|
(State of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
3005 Highland Parkway Downers Grove, Illinois |
60515 |
|
(Address of principal executive offices) |
(Zip Code) |
(630) 515-7700
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
______________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 7.01 | Regulation FD Disclosure. |
On January 27, 2016, DeVry Education Group Inc. (“DeVry Group”) issued a statement regarding a civil complaint filed by the Federal Trade Commission alleging violations of the Federal Trade Commission Act regarding published employment outcomes and earnings of DeVry University graduates and a separate action by the Department of Education related to substantiation of published employment outcomes. A copy of DeVry Group’s statement is included as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Certain statements contained in this Form 8-K concerning DeVry Group's future performance, including those statements concerning DeVry Group's expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as DeVry Group or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in DeVry Group's most recent Annual Report on Form 10-K for the year ending June 30, 2015 and filed with the Securities and Exchange Commission (SEC) on August 27, 2015 and Quarterly Report on Form 10-Q for the quarter ending September 30, 2015 and filed with the SEC on November 4, 2016.
| Item 9.01 | Financial Statements and Exhibits. |
|
99.1 Statement issued by DeVry Education Group Inc. on January 27, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
DEVRY EDUCATION GROUP INC. |
|||
| (Registrant) | |||
| Date: |
January 27, 2016 |
By: |
/s/ Patrick J. Unzicker |
|
Patrick J. Unzicker |
|||
|
Vice President, Chief Accounting Officer and Treasurer |
|||
Exhibit 99.1
DeVry Education Group Statement on Actions by the Federal Trade Commission
DOWNERS GROVE, Ill.--(BUSINESS WIRE)--January 27, 2016--DeVry Education Group intends to vigorously contest a complaint filed by the Federal Trade Commission (FTC), challenging the employment and earnings outcomes of DeVry University graduates. DeVry Group also learned today that the Department of Education (“the Department”) has taken an administrative action related more narrowly to certain DeVry University records for the period 1975 to 1983. We intend to request a hearing on the Department’s decision, and will collaborate closely with the Department to demonstrate our compliance and resolve this matter satisfactorily.
DeVry Group believes that the FTC’s complaint – filed 40 years after DeVry University began publishing accurate graduate employment statistics – is without a valid legal basis. In addition, the FTC’s complaint contains anecdotal examples that exaggerate the allegations but do not prove them. DeVry University measures the employment and earnings results of its graduates on a sound, rational and transparent basis, and has published these results in a consistent manner over the years to provide students meaningful information.
There is no national standard for calculating employment statistics among higher education institutions, and the measures and standards used by DeVry University to support its statistics are appropriate. Indeed, a taskforce of 39 state attorneys general and the District of Columbia recently developed a methodology very similar to the one DeVry University has had in place for years. And while many other institutions of higher education provide employment statistics, DeVry University’s measures are more rigorous and further substantiated than most.
DeVry Group has sought to fully cooperate with the FTC staff throughout the FTC’s 24-month inquiry, and has provided extensive documentation disproving the FTC’s claims and demonstrating the value of a DeVry University education. Despite this compelling evidence, a fully satisfactory resolution could not be reached.
“DeVry University is an honorable institution with more than 80-years of providing high quality, career-oriented education,” said Daniel Hamburger, DeVry Group’s president and CEO. “We’re proud of our 250,000 alumni, many of whom are employed by America’s most respected employers, including federal, state and local governments. DeVry Group is confident in our defense and looks forward to demonstrating the accuracy and credibility of our students’ career success.”
About DeVry Education Group
The purpose of DeVry Education Group is to empower its students to achieve their educational and career goals. DeVry Education Group Inc. (NYSE: DV; member S&P MidCap 400 Index) is a global provider of educational services and the parent organization of American University of the Caribbean School of Medicine, Becker Professional Education, Carrington College, Chamberlain College of Nursing, DeVry Brasil, DeVry University and its Keller Graduate School of Management, Ross University School of Medicine and Ross University School of Veterinary Medicine. These institutions offer a wide array of programs in healthcare, business, technology, accounting, finance and law. For more information, please visit www.devryeducationgroup.com.
CONTACT:
DeVry Education Group Inc.
Media Contact:
Ernie
Gibble, 630-353-9920
egibble@devrygroup.com
or
Investor
Contact:
Joan Walter, 630-353-3800
jwalter@devrygroup.com