NEW YORK ( TheStreet) --New Oriental Education's (EDU) shares fell through the floor for the second day in a row. Falling in sympathy were Apollo Group ( APOL), Bridgepoint Education ( BPI), Corinthian Colleges ( COCO) and Devry ( DV). EDU data by YCharts
Shareholders were already reeling from the pain of watching their shares lose half their value in a month. The situation took a turn for the worse when allegations of management fraud circled through the Internet. Muddy Waters Research claims New Oriental presented fraudulent financial statements. New Oriental shares, which earlier in the day were trading higher, dropped another 30% Wednesday. Support fell from under the shares of New Oriental comparable to a trap door on a gallows, leaving investors twisting in the wind.