Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline in the Class
Action Lawsuit Against ITT Educational Services, Inc.
LOS ANGELES -- April 5, 2013
The Law Offices of Todd M. Garber announces that shareholders of ITT
Educational Services, Inc. (“ITT” or the “Company”) (NYSE:ESI) have until May
10, 2013 to move for lead plaintiff status in the shareholder lawsuit filed in
the United States District Court for the Southern District of New York. The
lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers
of ITT common stock between April 22, 2010 and February 25, 2013, inclusive
(the “Class Period”).
ITT provides postsecondary degree programs in the United States. The Complaint
alleges that during the Class Period the Company and certain of its officers
and directors violated federal securities laws by issuing false and misleading
statements. On February 22, 2013 ITT announced that the Securities and
Exchange Commission was investigating the Company’s involvement in certain
private student-loan agreements. According to ITT, the Company had received a
subpoena from the SEC on February 8, 2013, along with a letter informing the
Company of the investigation. The subpoena issued by the SEC requested
documents related to a 2009 loan risk sharing agreement and ITT’s PEAKS
Private Student Loan Program. As a result of this news, ITT stock declined
$3.10 per share, or nearly 17%, to close on February 25, 2013 at $15.53 per
share on unusually heavy volume.
If you are a member of the above-described Class, you may move the Court no
later than May 10, 2013 to serve as lead plaintiff; however, you must meet
certain legal requirements. To be a member of the Class you need not take any
action at this time. You may retain counsel of your choice or take no action
and remain an absent Class member. If you wish to discuss this action or have
any questions concerning this Notice or your rights or interests with respect
to these matters, please contact Todd M. Garber, Esquire, of the Law Offices
of Todd M. Garber, by telephone at 213-700-7262 or by email to
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
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