Grand Canyon Education Inc. has placed its chief financial officer on paid administrative leave amid an ongoing government investigation into stock trades by a third party who is not employed by the company.
Grand Canyon Education (Nasdaq: LOPE) revealed in a regulatory filing that placed Daniel Bachus on administrative leave, effective Aug. 21. Bachus’ administrative leave is not a result of any issues with the company’s financial statements or policies and practices, according to the regulatory filing.
Grand Canyon said in the filing it’s not the focus of the federal investigation and is cooperating with the government in the matter. The company also said it has engaged outside counsel and is conducting an investigation of its own, the regulatory filing shows.
Read more of this story from the Business Journal.
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