"Get Smart, Apollo Group."  The for-profit education provider, that's also an S&P 500 company, is being probed by the SEC for evidence of insider trading relating to certain sales by company insiders. On 2/28/12, the company announced its Q2 outlook and said it expected to sign up fewer new students in the second quarter.  The news caused Apollo shares to fall as much as 16%.  Apollo's shares have since dropped another 19%.  Apollo did not reveal the name of the insiders involved. Element of Risk to the Stock. BMO Capital Markets analyst Jeff Silber said while the SEC probe adds another element of risk to the stock, the company has relatively robust insider trading controls given the heightened scrutiny under which it operates. Apollo, which runs the University of Phoenix and other for-profit colleges, has faced scrutiny from the U.S. government over the last 2 years after findings of high student debt load, low graduation rates and fraudulent activities. Apollo said it intends to fully and voluntarily cooperate with the SEC's preliminary investigation.  [Reuters, 4/19/12]