Ryan & Maniskas, LLP Announces Class Action Lawsuit Against ITT Educational Services Inc.
WAYNE, Pa., April 3, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/esi) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of ITT Educational Services, Inc. ("ITT" or the "Company") (NYSE: ESI) between April 22, 2010 and February 25, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/esi.
ITT provides postsecondary degree programs in the United States. The Complaint alleges that during the Class Period the Company and certain of its officers and directors violated federal securities laws by issuing false and misleading statements. On February 22, 2013, ITT announced that the Securities and Exchange Commission was investigating the Company's involvement in certain private student-loan agreements. According to ITT, the Company had received a subpoena from the SEC on February 8, 2013, along with a letter informing the Company of the investigation. The subpoena issued by the SEC requested documents related to a 2009 loan risk-sharing agreement and ITT's PEAKS Private Student Loan Program. As a result of this news, ITT stock declined $3.10 per share, or nearly 17%, to close on February 25, 2013, at $15.53 per share, on unusually heavy volume.
If you are a member of the class, you may, no later than May 10, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/esi or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP