The Spectacular Collapse of For-Profit Corinthian Colleges
From $33 per share to less than two cents
Everest College in Santa Ana, California
H. Lorren Au Jr/The Orange County Register via Zuma PressThis article is for subscribers only.
For-profit education company Corinthian Colleges announced that, effective today, it is shutting down all of its 28 remaining campuses. That will mean no more classes for approximately 16,000 students attending Corinthian's various trade schools, including the 150-year-old Heald College. It also means the end of a long collapse for a once-hot company.
The stock, which once traded around $33 a share, is now worth less than $0.02. Corinthian stock peaked in March 2004, but then quickly nosedived after a report that the colleges may have participated in some improper financial aid dealings. From June 24, 2004: