STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Indiana on behalf of purchasers of ITT Educational Services, Inc. (“ITT” or the “Company”) (NYSE: ESI) securities during the period between February 26, 2013 and September 18, 2014, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until December 1, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in ITT securities purchased on or after February 26, 2013 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company’s financial statements contained errors related to the accounting of the PEAKS Trust and PEAKS Program.
According to the complaint, following the Company’s announcement that it was withdrawing its 2014 financial forecast and investors should no longer rely upon it due to uncertainties surrounding the accounting of its PEAKS private student loan program, the June 24, 2014 disclosure that its quarterly reports for the first three quarters of 2013 should not be relied upon and had to be restated, and the September 19, 2014 revelation that the Company was notified by the Securities and Exchange Commission that it has made a preliminary determination to recommend an enforcement action against the Company concerning two private education loan programs for its students, the value of ITT shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.