It's too late to be transparent, IMO.
Sounds like it didn't work, and they're fixing it. Seems way better than just let the grumblings of failed jobless students leak out over the years.
But ignoring that, why is it too late? Have a lot of UX students come forward complaining about the program? I haven't been following the news around it, I'm genuinely curious.
This article strikes me as honest & transparent in the beginning, and very hand-wavy, we-hired-a-consultant-to-write-this-so-we're-provably-covering-our-bases-look-at-all-we're-doing-to-address-this-please-don't-sue towards the end.