Reuters: Regulatory News: UPDATE 1-EDMC finds errors in education department report

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UPDATE 1-EDMC finds errors in education department report Jun 25th 2012, 22:48 June 25 | Mon Jun 25, 2012 6:48pm EDT June 25 (Reuters) - Education Management Corp said it found errors in the U.S. education department's data on the gainful employment rule that could determine whether the company would be eligible for federal funds. The department issued the gainful employment rule last year to judge whether programs offered by for-profit colleges presented students enough opportunities to get a job and pay back debt. The programs stand to lose funds from the government if they do not meet the rule standards. The department was expected to reveal data from the first year of its review this week. Education Management, in a regulatory filing on Monday, said it identified errors on debt amounts for certain groups of students. It did not say how many of its programs did not pass the rule standards. The company, which owns the Art Institutes, Argosy University and Brown Mackie College, said it has contacted the department to inform them of the errors but that it did not know if the issues it has raised will trigger a correction in the data. Separately, larger rival Apollo Group in a conference call said one of its programs failed to meet the gainful employment rule. Shares of the EDMC had closed at $6.73 on Monday on the Nasdaq.

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