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Law Offices of Todd M. Garber Announces Class Action Lawsuit Against ITT Educational Services, Inc.

2013-03-16 05:00 ET - News Release


LOS ANGELES -- (Business Wire)

The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of ITT Educational Services, Inc. (“ITT” or the “Company”) (NYSE:ESI) between April 22, 2010 and February 25, 2013, inclusive (the “Class Period”).

ITT provides postsecondary degree programs in the United States. The Complaint alleges that during the Class Period, the Company and certain of its officers and directors violated the federal securities laws by making false and misleading statements. On February 22, 2013, ITT announced that the SEC was investigating the Company’s involvement in certain private student-loan agreements. According to ITT, the Company 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 Todd M. Garber, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts:

Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
213-700-7262
info@toddgarberlaw.com

Source: Law Offices of Todd M. Garber

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