The Shareholders Foundation announces that an investigation on behalf of investors of ITT Educational Services, Inc. (NYSE:ESI) shares was launched over potential securities laws violations by ITT Educational Services and certain of its directors and officers.
Investors who purchased shares of ITT Educational Services, Inc. (NYSE:ESI) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether ITT Educational Services, Inc and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
ITT Educational Services, Inc. reported that its annual Total Revenue declined from over $1.59 billion in 2010 to over $1.06 billion in 2013 and that its Net Income fell from $374.17 million in 2010 to $59.38 million in 2013. Shares of ITT Educational Services, Inc. (NYSE:ESI) declined from $128.87 per share in February 2009 to $12.32 per share in April 2013.
On June 24, 2014, ITT announced in a Securities and Exchange Commission, (SEC) Form 8-K filing, “that the Company should have consolidated the financial results of the PEAKS Trust in the Company’s consolidated financial statements beginning on February 28, 2013, the Company’s Audit Committee concluded that the Company will need to restate the unaudited financial statements in its Quarterly Reports on Form 10-Q for each of the fiscal quarters ended March 31, 2013, June 30, 2013 and September 30, 2013, and that those previously-issued financial statements should no longer be relied upon. Further, the preliminary financial information included in the Company’s press releases issued on January 30, 2014 and May 22, 2014, and provided during the conference calls on those same days, should no longer be relied upon.”
On July 8, 2014, NYSE:ESI shares closed at $16.09 per share.
Those who purchased shares of ITT Educational Services, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com