Zovio Announces Filing of Appeal in California Case

Ed Tech company expresses disappointment with flawed ruling and will continue to pursue justice.

CHANDLER, Ariz., June 10, 2022 /PRNewswire/ -- (Nasdaq: ZVO) Zovio, an education technology services company that partners with higher education institutions and employers, announced today it has filed a notice of appeal of the March 2022 decision of the Superior Court of the State of California, County of San Diego awarding statutory penalties in favor of the California Attorney General. 

Zovio is appealing because it believes the trial court's decision is flawed and the penalties ordered by the court are excessive. The court's assessed penalty amounts were based on a questionable statistical extrapolation of a scant 126 phone calls from millions of calls that were made. The court also failed to make any findings on Zovio's net worth, and we believe the penalties awarded are grossly disproportionate and excessive under both statutory and constitutional standards. 

"While we work to ensure the truth about our record is brought to light, Zovio continues to move forward with our plans to turnaround the company and maintain our focus on serving our clients and their students," said Vickie Schray, Zovio's Chief External Affairs Officer.

About Zovio

Zovio (Nasdaq: ZVO) is an education technology services company that partners with higher education institutions and employers to deliver innovative, personalized solutions to help learners and leaders achieve their aspirations. The Zovio network, including Fullstack Academy, leverages its core strengths to solve priority market needs through education technology services. Using proprietary advanced data analytics, Zovio identifies the most meaningful ways to enhance the learner experience and deliver strong outcomes for higher education institutions, employers, and learners. Zovio's purpose is to help everyone be in a class of their own. For more information, visit www.zovio.com.

Contact: Vickie Schray
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