SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether certain officers and directors of ITT Educational Services, Inc. (NYSE: ESI) violated state or federal laws regarding its credit practices and statements related to business, operations and financial prospects. ITT Educational Services, Inc. provides postsecondary degree programs in the United States.
On February 26, 2014, a report published in Barron's announced that Consumer Financial Protection Bureau (CFPB) had filed a lawsuit against ITT regarding its credit practices.
On May 22, 2014 the Company said it was withdrawing its forecast due to uncertainties related to the accounting of its private student loan program (PEAKS) and its guarantee obligations under it. The Company has yet to file its 2013 annual report due to the same reason.
In mid-morning trading on August 4, 2014, the stock was trading at $9.66. On February 25, 2014 before the first aforementioned report the stock closed at $35.61, representing a decline of 73%.
If you have information that could assist in this investigation, including former employees and others, or if you are an ITT shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) by email or by phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
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