Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 91

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 91
---
sued by a federal or state authority or via a qui tam action) and the action has been pending for
    120 days and no motion to dismiss is pending or has been granted;

    ●
    the
    institution’s recalculated composite score is less than 1.0 after ED initiates action to recoup funds from institution after
    BDR claim decided in borrower’s favor;

    ●
    an
    institution or entity that submitted an application with ED for a change of ownership has a recalculated composite score is less
    than 1.0 after a final monetary judgment, award or settlement that was entered against it at any point through the end of the second
    full fiscal year after the change of ownership;

    ●
    a
    proprietary institution with a composite score of less than 1.5 or that underwent a change of ownership in the current or previous
    fiscal year has a recalculated composite score of. less than 1.0 as determined by ED as a result of a withdrawal of owner’s
    equity from the institution unless certain exceptions apply;

    ●
    at
    least half of Title IV funds in the institution’s most recently completed fiscal year are for “failing” gainful
    employment programs;

    ●
    the
    institution is required to submit a teach-out plan due to financial concerns;

    ●
    the
    SEC takes certain actions against a publicly listed entity that directly or indirectly owns at least 50% of an institution or such
    entity fails to comply with certain filing requirements;

    ●
    the
    institution did not receive at least 10 percent of its revenue from sources other than Federal educational assistance as calculated
    under 90/10 rule during its most recently completed fiscal year;

    ●
    the
    institution’s two most recent cohort default rates are 30 percent or greater, unless a pending appeal could reduce one of the
    rates;

    ●
    the
    institution’s composite score is less than 1.0 when recalculated to reflect the offset of distribution after a contribution;

    ●
    the
    institution or entity included in financial statements is subject to adverse or impermissible conditions under a financing arrangement
    as a result of ED action;

     ●
    the
    institution declares financial exigency to government agency or accrediting agency;

    ●
    the
    institution or an owner files for a receivership or is ordered to appoint a