NEW YORK, May 22, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm announces that it is investigating possible securities law violations involving ITT Educational Services Inc. ("ITT" or the "Company") (NYSE: ESI). The investigation concerns whether ITT and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 22, 2014, ITT reported that new student enrollment in the first quarter of 2014 declined 3.8% to 16,746, compared to 17,412 in the same period in 2013. Total student enrollment dropped 6.4% to 57,125 as of March 31, 2014 compared to 61,039 as of March 31, 2013.
Also, the Company said that due to the uncertainties related to the accounting treatment of the PEAKS Trust and the company's guarantee obligations under the PEAKS Program, it's withdrawing its previously-disclosed internal goals for the 12 months ending December 31, 2014, and investors should not rely on those internal goals.
Following this announcement, shares of ITT fell in intraday trading of approximately 25% to $19.41 per share.Tripp Levy PLLC's investigation seeks to determine, among other things, whether ITT or its officers and directors have violated the federal securities laws. If you are a shareholder of ITT and would like additional information regarding this matter, at no cost or expense, please contact us at: Tripp Levy PLLC New York, New YorkEmail: email@example.comToll Free: 1-800-511-7037International: 602-241-2841 www.tripplevy.com Tripp Levy PLLC is a leading national securities law firm that has extensive experience in securities litigation and, along with its affiliates, has recovered billions of dollars on behalf of shareholders around the globe. Tripp Levy PLLC has become affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.