DeVry Pledges To Vigorously Defend Itself Against FTC Suit

DeVry Education Group Inc. said Wednesday it intends to vigorously contest a suit filed by the Federal Trade Commission, alleging that it deceived students with promises they would find jobs that would pay more than they would earn with degrees from other colleges. DeVry said the complaint has come 40 years after it began publishing "accurate graduate employment statistics." What's more, "the FTC's complaint contains anecdotal examples that exaggerate the allegations but do not prove them," said the for-profit education company. There is currently no national standard for gathering job data on higher education institutions, it said. The company said it has further learned that the Department of Education has taken an administrative action against it relating to records dating back to 1975. "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," said DeVry. Shares were trading down 16% and have fallen 55% in the last 12 months, while the S&P 500 has lost about 7%