0001564590-20-009505.txt : 20200310 0001564590-20-009505.hdr.sgml : 20200310 20200309215447 ACCESSION NUMBER: 0001564590-20-009505 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20200309 ITEM INFORMATION: Other Events FILED AS OF DATE: 20200310 DATE AS OF CHANGE: 20200309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERDOCEO EDUCATION Corp CENTRAL INDEX KEY: 0001046568 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 363932190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23245 FILM NUMBER: 20699774 BUSINESS ADDRESS: STREET 1: 231 N. MARTINGALE ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 BUSINESS PHONE: 8477813600 MAIL ADDRESS: STREET 1: 231 N. MARTINGALE ROAD CITY: SCHAUMBURG STATE: IL ZIP: 60173 FORMER COMPANY: FORMER CONFORMED NAME: CAREER EDUCATION CORP DATE OF NAME CHANGE: 19970923 8-K 1 prdo-8k_20200309.htm 8-K RE VA LETTER prdo-8k_20200309.htm
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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): March 9, 2020

 

Perdoceo Education Corporation

(Exact Name of Registrant as Specified in Charter)

 

 

 

 

 

 

 

Delaware

 

0-23245

 

36-3932190

(State or Other Jurisdiction

of Incorporation)

 

(Commission File Number)

 

(IRS Employer

Identification No.)

 

 

 

 

231 N. Martingale Rd., Schaumburg, IL

 

60173

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (847) 781-3600

Not applicable

(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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

PRDO

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 


 

Item 8.01Other Events.

 

On March 9, 2020, Perdoceo Education Corporation (the “Company”) received a letter from the U.S. Department of Veterans Affairs (the “VA”) notifying the Company that if it fails to remedy its deficiency through corrective action within 60 days, the VA will disapprove, for purposes of VA educational assistance programs, the enrollment of individuals not already enrolled in programs at the Company’s institutions.  The letter also provides for certain administrative appeal procedures if such a disapproval decision is made. The letter from the VA identifies as a deficiency matters alleged in connection with the previously settled inquiries by the U.S. Federal Trade Commission (the “FTC”) and the attorneys general of 48 states and the District of Columbia.  

 

The Company’s current compliance processes incorporate enhanced operational and compliance commitments made in the previous agreements with the FTC and multiple attorneys general, and we believe that these processes will demonstrate to the VA that any corrective actions they deem necessary to address the matters identified in their letter were previously taken in connection with those settlements.  As previously disclosed, those settlements were made with no admission of wrongdoing and both contained commitments as outlined below to continue and enhance on-going compliance processes.  

 

On January 3, 2019, the Company entered into agreements with attorneys general from 48 states and the District of Columbia to bring closure to multi-state inquiries ongoing since January 2014. As part of the agreements, the Company agreed to, among other things, work with a third-party administrator that will report annually for three years on the Company’s compliance with various obligations the Company committed to in the agreements. Operationally, the Company committed to:

 

provide students with additional communication of important policies, academic program information and financial aid information during the enrollment process

 

provide newly enrolling students an online financial aid interactive tool that can assist them in understanding their financial commitments

 

continue its existing practice of offering a no cost orientation and/or an introductory course with materials designed to support new college students

 

permit new undergraduate students to withdraw up to 21 days after the start of the term at online programs

From a compliance standpoint, the Company committed to:

 

continue many of its existing compliance programs that it uses to monitor for accurate communication with prospective students

 

continue its monitoring of third-party marketing vendors and agreed on a process to continue to hold them accountable for complying with the Company’s advertising guidelines

 

continue to monitor and review conversations that its admissions and financial aid staff have with prospective students during the student recruitment process

 

enhance current training to staff working with students regarding the additional information and tools that are part of the commitments in the agreements

 

On July 26, 2019, the Company executed a settlement agreement with the FTC to resolve an inquiry commenced by the FTC in 2015. Under the terms of the agreement with the FTC, the Company agreed to continue its compliance with the Federal Trade Commission Act and the Telemarketing and Consumer Fraud and Abuse Prevention Act, including compliance with the national do not call registry. The Company agreed to enhance its current operational and compliance processes with respect to prospective student expressions of interest purchased from third party lead aggregators and generators and implement other agreed-upon compliance measures. Specifically, the agreement with the FTC requires the operation of a system to monitor third party lead aggregators and generators involving a compliance review by, or on behalf of, the Company of the various sources a prospective student interacts with prior to the Company’s purchase and use of the prospective student lead.

 

Cautionary Statement Regarding Forward-Looking Statements

 

This current report on Form 8-K contains forward-looking statements, including statements about the Company’s ability to demonstrate compliance with the VA’s requirements. These forward-looking statements and the ultimate outcome of the VA’s action are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. A failure to successfully demonstrate compliance to the VA in a timely fashion could have a material adverse effect on current and future military student enrollments.  Except to the extent required by law, the Company disclaims any obligations to update any forward-looking statements.

 

 

2


 

 

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.

 

PERDOCEO EDUCATION CORPORATION

 

 

 

By:

 

/s/ Jeffrey D. Ayers

 

 

Jeffrey D. Ayers

 

 

Senior Vice President, General Counsel and

 

 

Corporate Secretary

 

 

 

 

 

 

Dated:

 

March 9, 2020

 

 

3

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Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 09, 2020
Entity Registrant Name Perdoceo Education Corporation
Entity Central Index Key 0001046568
Entity Emerging Growth Company false
Entity File Number 0-23245
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-3932190
Entity Address, Address Line One 231 N. Martingale Rd.
Entity Address, City or Town Schaumburg
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60173
City Area Code (847)
Local Phone Number 781-3600
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.01 par value
Trading Symbol PRDO
Security Exchange Name NASDAQ
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