Block & Leviton LLP Investigates ITT Educational Services, Inc. and Certain of
Its Officers and Directors for Possible Violations of the Federal Securities
BOSTON, Feb. 28, 2013
BOSTON, Feb. 28, 2013 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com),
a Boston-based law firm representing investors nationwide, is investigating
possible securities law violations involving ITT Educational Services, Inc.
("ITT Educational" or the "Company") (NASDAQ:ESI) following the Company's
disclosure of an investigation being conducted by the Securities and Exchange
Commission ("SEC") relating to the Company's involvement in private
More specifically, in January 2013, ITT Educational agreed to pay $46 million
to SLM Corp. (US: SLM), the country's biggest student lender, commonly known
as Sallie Mae, to settle a lawsuit stemming from a risk-sharing agreement on
loans. According to a filing with the SEC, the Company was made aware of the
resulting investigation on February 8, 2013. A subpoena issued by the SEC has
requested documents related to a 2009 loan risk-sharing agreement and its
PEAKS Private Student Loan Program.
News of the SEC investigations shocked the market and the Company's stock
price has fallen by more than 20% since the market closed on February 22, 2013
– the last trading day prior to the disclosure. Based on the information to
date, it appears that the Company's wrongdoing spanned from January 15, 2010
to February 22, 2013.
Block & Leviton's investigation seeks to determine, among other things,
whether ITT Educational and its officers and directors have violated the
federal securities laws. If you have any information relevant to this
investigation, or have questions about your legal rights, please contact
Philip J. Marino of Block & Leviton LLP at (617) 398-5600 or email him at
Block & Leviton is a Boston-based law firm representing investors for
violations of securities laws. The firm's lawyers have collectively been
prosecuting securities cases on behalf of investors for over 50 years.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Philip J. Marino, Esq.
SOURCE Block & Leviton LLP
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