NEW YORK, April 12, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of ITT Educational Services Inc. ("ITT" or the "Company") who purchased ITT common stock between April 22, 2010 and February 25, 2013 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether ITT and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 25, 2013, the Company disclosed that it received a subpoena from the Securities and Exchange Commission or SEC. The Company stated that, "in a letter accompanying the subpoena, the SEC states that it is conducting an investigation of us." The SEC's subpoena requests the production of documents and communications that, among other things, relate to the Company's actions and accounting associated with: (a) agreements that it entered into with an unaffiliated entity on February 20, 2009; and (b) agreements that it entered into with unrelated parties on January 20, 2010 to create a program, called the PEAKS Private Student Loan Program. Upon this news, shares of ITT fell $3.10 or 17% close at $15.53 per share on February 25, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.