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Stock Market & Financial Investment News

News Breaks
March 21, 2014
17:35 EDTESIITT Educational says did not file timely Form 10-K
ITT Educational Services announced that it did not file its annual report on Form 10-K for the fiscal year ended December 31, 2013 on or before the extended due date of March 18. The company has received a notice from NYSE that the company is subject to the NYSE’s procedures under its timely filing criteria as a result of the company’s failure to file the 2013 Form 10-K by March 18. As previously disclosed, issues relating to the accounting treatment for the variable interest entity involved in the PEAKS Private Student Loan Program have caused the delays associated with completing the company’s financial statements, footnotes and related disclosures for the 2013 Form 10-K. The company submitted a preclearance request to the Office of the Chief Accountant of the SEC on March 18 relative to the accounting treatment for the variable interest entity involved in the PEAKS Program, and the company is also continuing to work to complete other items necessary to finalize the company’s financial statements, footnotes and related disclosures.
News For ESI From The Last 14 Days
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February 8, 2016
18:08 EDTESIEducation Department creates enforcement unit targeting education institutions
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January 27, 2016
12:28 EDTESIFor-profit education names fall after FTC sues DeVry over marketing
DeVry Education (DV) and its peers in the for-profit education space are falling after the Federal Trade Commission filed suit against the company, alleging that DeVry's advertisements "deceived" consumers about the likelihood of finding jobs in their chosen fields of study and earning more than graduates from other universities. In a related action, the Department of Education is also moving against the company for those same practices, requiring it to stop the allegedly deceptive advertisements and take steps to ensure it can verify the truthfulness of its post-graduation employment outcomes, including hiring an independent auditor and informing students of its "unsubstantiated" statistics. The Department's action comes after its investigation of DeVry found the postgraduation employment claims "have not been substantiated to the extent required by law." PRICE ACTION: Shares of DeVry crashed 13.5% to $20.54 following the news, while Apollo Education (APOL), ITT Educational (ESI) and Strayer Education (STRA) each slid over 2% and Bridgepoint (BPI) fell 1%.

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