Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In ITT Educational Services, Inc. (ESI) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in ITT Educational Services, Inc. (“ITT” or the “Company”) (NYSE: ESI) of the December 1, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against ITT and certain executives.
A complaint has been filed in the Southern District of Indiana on behalf of all persons who purchased ITT securities from February 26, 2013 through September 18, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period the Company failed to disclose that (i) ITT’s financial statements contained errors concerning the accounting of the PEAKS Trust, the trust that owns and collects private education loans under the PEAKS Private Student Loan Program; and (ii) the Company did not employ adequate internal controls over financial reporting.
On September 19, 2014, ITT disclosed that it had been notified by the Securities and Exchange Commission regarding a preliminary determination to recommend an enforcement action against ITT in relation to two private education loan programs.
Following this news, the price of ITT stock declined by $2.70, or over 35%, to close at $4.95 on September 19, 2014.
If you invested in ITT stock or options between February 26, 2013 through September 18, 2014, and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding ITT’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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