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November 9, 2012
10:23 EDTAPEI, EDMC, NAUH, COCO, ESI, CECO, APOL, LINC, STRA, DV, LOPE, BPIFor profit education companies sink after Strayer guidance miss
Many for-profit education stocks are retreating after Strayer Education (STRA) predicted that its fourth quarter profit would be significantly below Wall Street's expectations. Strayer's full-year earnings per share outlook was also well below analysts' consensus estimate. Moreover, the company announced that it was suspending its dividend in 2013, and said that its enrollment dropped 4.6% in the third quarter. However, on a positive note new student enrollments did surge 40% compared with the same period in 2011. In mid-morning trading, Strayer tumbled $6.32, or 11.25%, to $49.85, while Bridgepoint Education (BPI) gave back 2.43% to $8.83, Grand Canyon (LOPE) retreated 3.06% to $21.55, and Corinthian Colleges (COCO) lost 1.73% to 42.27.
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November 24, 2015
13:14 EDTESIJudge grants preliminary approval to $16.9M settlement in ITT Educational suit
A federal judge has granted preliminary approval to an approximately $16.96M cash settlement achieved by Lead Plaintiffs Plumbers and Pipefitters National Pension Fund and Metropolitan Water Reclamation District Retirement Fund with defendants ITT Educational Services, Inc., and two of its officers, Daniel M. Fitzpatrick and Kevin M. Modany.The proposed settlement approved by Judge J. Paul Oetken, of the United States District Court for the Southern District of New York, on Monday, Nov. 23, resolves securities fraud claims asserted under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 by the Plumbers and Pipefitters National Fund and Metropolitan Water Retirement Fund against the defendants for alleged material misrepresentations and omissions concerning the company's liabilities under certain risk-sharing agreements it had entered into with third-party student enders of ITT student loans. The proposed $16.96M cash settlement will benefit a putative class of persons and entities who purchased or otherwise acquired ITT Educational Services, Inc., common stock between April 24, 2008, and Feb. 25, 2013. In the order issued on Nov. 23, Judge Oetken also gave authorization for the class notice to be issued to class members. A court hearing will be held on March 8, 2016, to determine whether the settlement should be given final approval and to hear any objections to the settlement.
November 23, 2015
18:42 EDTAPOLS&P announces changes to the S&P 400, 500, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: CSRA (CSRA) will be added to the S&P 500 after the close of trading on Friday, November 27, replacing Computer Sciences (CSC), which will be removed from the S&P 500 after the close of trading on Monday, November 30. CSRA will be added to the S&P 500 on a zero price basis reflecting its spin-off from Computer Sciences. Following the spin-off, the Computer Sciences stub will replace Apollo Education Group (APOL) in the S&P MidCap 400. Computer Sciences' post spin market capitalization will be more representative of the mid-cap market space. Apollo Education is ranked at the bottom of the S&P MidCap 400 Phibro Animal Health (PAHC) will replace Pericom Semiconductor (PSEM) in the S&P SmallCap 600 after the close of trading on Wednesday, November 25. S&P SmallCap 600 constituent Diodes (DIOD) is acquiring Pericom Semiconductor in a deal expected to be completed soon pending final conditions.
17:23 EDTAPOLCSC to replace Apollo Education in S&P 400 as of 11/30 close
November 16, 2015
14:00 EDTEDMCDoJ: Education Management to pay $95.5M over allegedly 'unlawful recruitment'
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