Grand Canyon Education places CFO on paid leave citing government probe, shares drop

Grand Canyon Education

25/08/2026 14:44

** Grand Canyon Education's LOPE.O shares down 3.6% at $142.33 in early trading on Tues after co put CFO on paid leave, citing a government probe
** Education services provider disclosed in SEC filing late Mon it placed Daniel Bachus on paid administrative leave, effective Aug 21, related to an ongoing governmental investigation involving a non-employee third party’s trades in co's stock
** It appointed accounting chief Lori Browning as interim CFO; Browning has been with LOPE since 2008
** Bachus' leave isn't a result of any issues with co's financial statements or accounting policies or practices, co said, adding it isn't a focus of the probe
** LOPE said it engaged outside counsel and opened its own investigation into the matter, and is cooperating with the government
** Phoenix, Arizona-based LOPE last month reported Q2 rev rose nearly 7% yr/yr to $264 mln on higher university partner enrollments, including at GCU and off-campus sites
** With the decline, LOPE shares down ~14% YTD; stock is ~36% below its Oct 24, 2025 record intraday high of $223.04

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))