ITT Educational

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said the Justice Department dropped a criminal investigation of the company and its executives without taking action.

"We are very pleased that the federal government's investigation has reached this favorable conclusion with respect to ITT/ESI, its senior management and the ITT Technical Institutes," said CEO Rene Champagne.

"We cooperated fully with the investigation, producing more than 11 million pages of documents and making our key personnel available for interviews. Although it was a very exhaustive and expensive effort, the company had nothing to hide, and we will continue to cooperate as the Government looks at local issues at certain schools."

ITT fell 29 cents Friday to $45.90.