NEW YORK, Sept. 30, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit against ITT Educational Services Inc. (NYSE:ESI) on behalf of purchasers of the Company's common stock between April 26, 2013 and September 19, 2014, inclusive (the "Class Period"). The lawsuit seeks to recover damages for ITT Educational shareholders under the federal securities laws.
To join the ITT Educational class action, go to the website at http://rosenlegal.com/cases-282.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Southern District of Indiana.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Defendants made false and misleading statements and failed to disclose that: (1) ITT's financial statements contained errors related to the accounting of the PEAKS Trust and PEAKS Program; and (2) the Company lacked adequate internal controls over financial reporting. On May 22, 2014, ITT announced 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. This adverse news caused ITT shares to fall 21%. Then on June 24, 2014, ITT disclosed that its quarterly reports for the first three quarters of 2013 should not be relied upon and had to be restated.
On September 19, 2014, ITT revealed that it was notified by the SEC that it has made a preliminary determination to recommend an enforcement action against the Company concerning two private education loan programs for its students. On this news, ITT shares fell over 35%.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 1, 2014. If you wish to join the litigation go to http://rosenlegal.com/cases-282.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.