Law Offices of Howard G. Smith announces that it is investigating potential claims against ITT Educational Services, Inc. (“ITT” or the “Company”) (NYSE:ESI) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company between April 22, 2010 and February 25, 2013, regarding ITT’s business, operations and prospects were false and misleading.
ITT provides postsecondary degree programs in the United States. The investigation relates to ITT’s February 22, 2013 announcement that the SEC was investigating ITT’s involvement in certain private student-loan agreements. According to the Company, ITT had received a subpoena from the SEC on February 8, 2013, along with a letter informing the Company of the investigation. The subpoena issued by the SEC requested documents related to a 2009 loan risk-sharing agreement and ITT’s PEAKS Private Student Loan Program. As a result of this news, ITT’s stock declined $3.10 per share, or nearly 17%, to close on February 25, 2013, at $15.53 per share, on unusually heavy volume.
If you purchased ITT securities between April 22, 2010 and February 25, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.