ZVO - Zovio files appeal against California ruling that Ashford University mislead students

Edtech company Zovio (NASDAQ:ZVO) on Friday said it had filed an appeal to a March ruling in California that Ashford University had defrauded students. The San Diego Superior Court in March had found in the state's favor in its lawsuit against Ashford University and its then parent Zovio claiming that students had apparently been given misleading information. As part of the ruling, Ashford and Zovio had been ordered to pay more than $22.37M in penalties. ZVO in Friday's statement said it was appealing because it believed the "trial court's decision is flawed and the penalties ordered by the court are excessive". ZVO stock earlier closed -2.1% at $0.80.

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Zovio files appeal against California ruling that Ashford University mislead students