This excerpt taken from the APOL 10-K filed May 22, 2007.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers, as well as persons who own more than 10% of a registered class of our equity securities, to file with the SEC initial reports of ownership and reports of changes in beneficial ownership. Directors, executive officers and greater than 10% shareholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file. Based solely upon a review of the copies of such forms furnished to us, or written representations that no Forms 5 were
required, we believe that during the fiscal year ended August 31, 2006, our directors and officers complied with all Section 16(a) filing requirements except as set forth below. During the fiscal year ended August 31, 2006, the following individuals failed to timely file a Form 4: Dr. John G. Sperling, Peter V. Sperling and Todd S. Nelson, each for a disposition of shares.