itt educational services inc (ESI) Key Developments
ITT Educational Services, Inc. Receives Non-Compliance Notice From NYSE
Mar 18 15
ITT Educational Services, Inc. announced that it did not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (2014 Form 10-K) on or before the due date of March 16, 2015. The company has received a notice from the New York Stock Exchange (NYSE) that the company is subject to the NYSE’s procedures under its timely filing criteria as a result of the company’s failure to file the 2014 Form 10-K by the due date. The issuance of such a notice is considered routine practice in situations where there are late filings with the Securities and Exchange Commission (SEC). Under NYSE rules, the company has six months from March 16, 2015 to file the 2014 Form 10-K. Until the company files the 2014 Form 10-K and all other periodic reports with subsequent due dates, its common stock will remain listed on the NYSE under the symbol ‘ESI’ with a ‘LF’ indicator to signify late filing status. The company can regain compliance with the NYSE listing standards during the six-month period once it files the 2014 Form 10-K with the SEC, but only if it has also filed all other periodic reports with subsequent due dates. The company intends to file the 2014 Form 10-K, as well as its quarterly report on Form 10-Q for the quarter ended September 30, 2014 (Third Quarter 2014 Form 10-Q), as soon as practicable. Based on the company’s current estimates, it believes that it may file the 2014 Form 10-K and the Third Quarter 2014 Form 10-Q on or before May 31, 2015. Due to the uncertainty with respect to the timing of the completion of the necessary reviews and analyses, however, there can be no assurance that the company will be able to file the 2014 Form 10-K, the Third Quarter 2014 Form 10-Q or the First Quarter 2015 Form 10-Q by that date or within the NYSE’s six-month cure period. In the event the company fails to file its 2014 Form 10-K by the expiration of the six-month cure period, or if the company is delinquent in the filing of any of its subsequent periodic reports at the expiration of the six-month cure period, the NYSE may commence proceedings to delist the company’s common stock, unless the NYSE grants, in its sole discretion, a further extension of up to six months. There can be no assurance that the NYSE would not commence delisting proceedings at any time with respect to the company or that it would grant a further extension to the company.
ITT Educational Services Inc. announced delayed annual 10-K filing
Mar 17 15
On 03/17/2015, ITT Educational Services Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.
Pomerantz LLP Files Class Action Lawsuit Against ITT Educational Services, Inc. and Certain of its Officers
Nov 21 14
Pomerantz LLP has filed class action lawsuit against ITT Educational Services Inc. and certain of its officers. The class action, filed in United States District Court, Southern District of Indiana, Indianapolis Division, and docketed under 14-cv-01651, is on behalf of a class consisting of all persons or entities who purchased ITT securities between April 26, 2013 and September 19, 2014, inclusive (the Class Period). This class action seeks to recover damages against defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the Exchange Act). The complaint alleges that throughout the class period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) ITT's financial statements contained errors related to the accounting of its PEAKS Trust and PEAKS Program; (2) the company lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, the company's financial statements were materially false and misleading at all relevant times.
ITT Educational Services Inc. Announces Resignation of PricewaterhouseCoopers LLP as Auditors
Nov 4 14
On October 29, 2014, ITT Educational Services Inc.'s independent registered public accounting firm, PricewaterhouseCoopers LLP (PWC"), notified the company that PWC will not stand for reappointment as the company's independent registered public accounting firm to audit the company's financial statements for the fiscal year ending December 31, 2014. As a result, PWC's engagement will end effective upon the company's filing of its quarterly reports on form 10-Q for the fiscal quarters ended March 31, 2014 and June 30, 2014.
Brower Piven Announces Class Action Lawsuit against ITT Educational Services Inc
Oct 29 14
Brower Piven announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of Indiana on behalf of purchasers of ITT Educational Services Inc. securities during the period between February 26, 2013 and September 18, 2014, inclusive (the 'Class Period'). Investors who wish to become proactively involved in the litigation have until December 2, 2014 to seek appointment as lead plaintiff. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's financial statements contained errors related to the accounting of the PEAKS Trust and PEAKS Program. According to the complaint, following the Company's announcement that it was withdrawing its 2014 financial forecast and investors should no longer rely upon it due to uncertainties surrounding the accounting of its PEAKS private student loan program, the June 24, 2014 disclosure that its quarterly reports for the first three quarters of 2013 should not be relied upon and had to be restated, and the September 19, 2014 revelation that the Company was notified by the Securities and Exchange Commission that it has made a preliminary determination to recommend an enforcement action against the Company concerning two private education loan programs for its students, the value of ITT shares declined significantly.