Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of ITT Educational Services Inc. (“ITT” or the “Company”) (NYSE:ESI). The investigation concerns possible violations of federal securities laws and focuses on the Company’s business, operations and financial performance.
ITT provides postsecondary degree programs in the United States in various fields, including business, criminal justice, information technology, electronics technology, drafting and design, and nursing and health sciences. The investigation is related to the Company’s May 22, 2014, announcement of preliminary financial results for first quarter 2014, and that the Company is withdrawing its previously disclosed internal goals for the twelve months ending December 31, 2014, and investors should not rely on those internal goals. According to the Company, the internal goals are being withdrawn due to “uncertainties related to the accounting treatment” of the Company’s PEAKS Private Student Loan Program. These uncertainties have caused delays associated with completing the Company's financial statements, and ITT has not yet filed its 2013 Form 10-K or first quarter 2014 Form 10-Q with the Securities and Exchange Commission. Following this news, the price of ITT shares dropped as much as 20% in intraday trading on May 22, 2014.
If you purchased ITT securities, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
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