Apollo to restate results; two officers resign

Apollo Group Inc., the largest U.S. owner of for-profit colleges, said that it would restate results and that its chief financial officer and top accounting officer had left the company during an internal review of stock options.

Apollo, the Phoenix-based operator of a 100-campus network that includes its nationwide University of Phoenix system, said it would have to restate earnings as a result of “various deficiencies” it discovered in its ongoing probe. It hasn’t determined the amount of those charges or the periods affected.