ITT Educational Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of
Mar 21st 2013 11:21AM
Updated Mar 21st 2013 11:26AM
ITT Educational Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty
DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of ITT Educational Services, Inc. ("ITT Educational" or "Company") (NYS: ESI) related to potential securities violations between April 22, 2010 and February 25, 2013 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, ITT Educational and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that: (a) ITT Educational failed to properly account for the 2009 loan risk-sharing agreement and its PEAKS Program; and (b) Proper internal controls were not maintained in order to confirm that risk-sharing agreements were properly recorded. Additionally, the complaint alleges that after the market found out about the above disclosures the stock dropped substantially.
"Recent revelations about alleged improper business practices and procedures regarding key aspects of ITT Educational business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by ITT Educational officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of ITT Educational stock for all shareholders," said shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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