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Stock Market & Financial Investment News

News Breaks
April 3, 2014
12:34 EDTCOCOCorinthian Colleges sued by Massachusetts AG for deceptive practices
Massachusetts Attorney General Martha Coakley announced that Corinthian Colleges, which operates Everest Institute, has been sued over allegations that it misrepresented its training programs and job placement rates in order to increase profits, and pushed students into high-interest subprime loans. Reference Link
News For COCO From The Last 14 Days
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September 26, 2014
17:07 EDTCOCOCorinthian receives CID from DoJ over grade manipulation, seeks more liquidity
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September 19, 2014
17:40 EDTCOCOCorinthian Colleges received grand jury subpoena on September 3
On September 3, the company received a grand jury subpoena for documents from the United States Attorney’s Office in the Middle District of Florida. The subpoena seeks documents and records relating to an internal investigation of a former employee’s misconduct at the Everest Brandon campus and the company’s return of Title IV funds as a result of the investigation. The company initially self-reported the results of the internal investigation to the Office of Inspector General for the Department of Education on June 28, 2013. It is not clear whether the subpoena seeks this information regarding the former employee, the company or both. The company is evaluating the subpoena and intends to cooperate fully with the request. On September 10, the company received a grand jury subpoena for documents from the United States Attorney’s Office in the Northern District of Georgia. The subpoena seeks documents and records relating to the Everest Jonesboro and Everest Decatur campuses regarding matters including job placement, graduation rates, admissions, attendance, and student and employee information. The grand jury subpoena is signed by the same assistant United States attorney that assisted with the original, April 11, 2011 civil investigative demand for similar documents related to the same two campuses. The company is evaluating the subpoena and intends to cooperate fully with the request. On September 15, the company received a letter from the Accrediting Commission of Career Schools and Colleges, or ACCSC, the institutional accrediting agency for forty campuses, notifying the company that it was placing the Corinthian system of schools on “Warning,” continuing the company’s schools on Employment Verification Reporting, continuing to review the materials and responses submitted by the company regarding all outstanding matters both within ACCSC and externally, directing the company’s ACCSC schools to inform current and prospective students that it is on Warning, placing Corinthian’s schools on Financial Reporting, and restricting the company’s schools from applying for certain substantive changes.

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