LATEST: Teen mogul Mary-Kate Olsen has announced plans to spend time away from America's prestigious New York University, following months of speculation she would drop out.

Reports had long circulated that the 19-year-old actress wanted to leave the New York City institution, but her representative MICHAEL PAGNOTTA insists her she's only taking a temporary break to oversee her company's expansion.

He explains, "Mary-Kate Olsen has taken an approved leave of absence from New York University to focus on her increasing responsibilities as co-president of Dualstar Entertainment Group and to pursue personal interests."

Olsen shares responsibilities at the company with her twin sister, ashley, who continues to study at NYU.