LOS ANGELES, April 19, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all purchasers of the common stock of ITT Educational Services, Inc. ("ITT" or the "Company") (NYSE:ESI) between April 24, 2008 and February 25, 2013, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until May 10, 2013 to file a motion with the Court to be appointed as lead plaintiff.
ITT provides postsecondary degree programs in the United States. The Complaint alleges that during the Class Period the Company and certain of its officers and directors violated federal securities laws by issuing false and misleading statements. On February 22, 2013 ITT announced that the Securities and Exchange Commission was investigating the Company's involvement in certain private student-loan agreements. According to ITT, the Company had received a subpoena from the SEC on February 8, 2013, along with a letter informing the Company of the investigation. The subpoena requested documents related to a 2009 loan risk sharing agreement and ITT's PEAKS Private Student Loan Program. As a result of this news, ITT stock declined $3.10 per share, or nearly 17%, to close on February 25, 2013 at $15.53 per share on unusually heavy volume.
If you are a member of the Class described above, you may move the Court to serve as lead plaintiff no later than May 10, 2013; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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Source:Glancy Binkow & Goldberg LLP