|By PR Newswire||
|March 2, 2014 10:49 AM EST||
NEW YORK, Feb. 27, 2014 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of ITT Educational Services, Inc. ("ITT" or the "Company") (NYSE: ESI). Such investors are advised to contact Peretz Bronstein or his investor Relation's coordinator Eitan Kimelman at [email protected] or 212-697-6484.
The investigation concerns whether ITT and certain of its officers and/or directors have violated federal securities laws. On February 26, 2014, shares of ITT fell $1.59 or 4.91% during intraday trading to trade at $30.81 after a report published in Barron's, a business news publication, announced that Consumer Financial Protection Bureau ("CFPB") filed a lawsuit against ITT regarding its credit practices.
The report states that, "The CFPB's lawsuit alleges that ITT encouraged new students to enroll at ITT by providing them funding for this tuition gap with a zero-interest loan called 'Temporary Credit.' This loan typically had to be paid in full at the end of the student's first academic year. But ITT knew from the outset that many students would not be able to repay their Temporary Credit balances or fund their next year's tuition gap."
"The CFPB lawsuit alleges that between July 2011 and December 2011, ITT pushed its students into repaying their Temporary Credit and funding their second-year tuition gaps through high-cost private student loan programs. Students were left in the dark about the fact that taking out these high-cost loans would be required to continue their studies. However, ITT's CEO revealed in investor calls that converting the temporary loans to long-term loans was the company's "plan all along."
If you are aware of any facts relating to this investigation, or purchased shares of ITT you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC
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