STEVENSON, Md., March 15, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of ITT Educational Services, Inc. ("ITT" or the "Company") (NYSE:ESI) common stock during the period between April 22, 2010 and February 25, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in ITT Educational Services, Inc. common stock purchased on or after April 22, 2010, and held through February 25, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 10, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
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 failed to properly account for a 2009 loan risk-sharing agreement and its PEAKS Private Student Loan Program. According to the Complaint, following the Company's February 22, 2013 disclosure that, in pursuit of its investigation of ITT, the U.S. Securities and Exchange Commission ("SEC") served the Company with a subpoena requesting documents related to a 2009 risk-sharing agreement and the Company's PEAKS Program, the value of ITT shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616