Corinthian Colleges Reports Favorable Arbitration Award in Satz Case
11 Juillet 2005 - 11:01PM
PR Newswire (US)
Corinthian Colleges Reports Favorable Arbitration Award in Satz
Case Arbitrator Finds in Favor of Company on All Counts SANTA ANA,
Calif., July 11 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc.
(NASDAQ:COCO) has received a favorable arbitration award in the
case of Satz vs. Rhodes Colleges, Inc., Corinthian Colleges, Inc.,
and Florida Metropolitan University. Satz asserted claims on his
own behalf and a putative class of similarly situated current and
former students in the Company's Florida Metropolitan University
("FMU") campuses in Florida and online. Satz alleged that FMU
concealed the fact that it is not accredited by the Commission on
Colleges of the Southern Association of Colleges and Schools
("SACS") and that FMU credits are not transferable to other
institutions. The Company responded by presenting multiple written
disclosures which plainly informed prospective students of FMU's
accreditation and transfer of credit policy. The arbitrator found
for the Company on all counts. The Award on the Company's motion to
dismiss stated: "The arbitrator concludes that Satz could not have
acted reasonably in enrolling at FMU in reliance on the alleged
oral misstatements made to him because they are contradicted by
written statements and disclosures that were provided to him and
which he acknowledged in writing at the time of entering into the
enrollment agreement with FMU. Therefore, the College parties are
entitled to an award in their favor on all claims." The arbitrator
also found that Satz breached his agreement with FMU by filing in
court rather than seeking arbitration and is therefore responsible
to pay FMU's damages associated with compelling the action to
arbitration. "We are up front with our students about accreditation
and transfer of credit and we are pleased that the arbitrator
agreed," said Jack D. Massimino, Corinthian's chief executive
officer. "This frivolous lawsuit had no basis in fact and we are
gratified by the arbitrator's decision. We will continue to defend
the Company vigorously against similar groundless litigation."
About Corinthian Colleges, Inc. Corinthian Colleges, Inc. is one of
the largest post-secondary education companies in North America,
operating 94 colleges in 24 states in the U.S. and 34 colleges and
15 corporate training centers in seven provinces in Canada. The
Company's mission is to help students prepare for careers that are
in demand or to advance in their chosen career. Corinthian offers
diploma programs and master's, bachelor's and associate's degrees
in a variety of fields, concentrating on careers in health care,
business, criminal justice, transportation maintenance, trades and
technology. Certain statements in this press release may be deemed
to be forward-looking statements under the Private Securities
Litigation Reform Act of 1995. The Company intends that all such
statements be subject to the "safe-harbor" provisions of that Act.
Many important factors may cause the Company's actual results to
differ materially from those discussed in any such forward-looking
statements, including the risks and uncertainties described in the
Company's filings with the U.S. Securities and Exchange Commission.
The historical results achieved by the Company are not necessarily
indicative of its future prospects. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Contacts: Investors Anna Marie Dunlap SVP Investor
Relations/Corporate Communications Corinthian Colleges, Inc.
714-424-2678 Media Rosemary Moothart PondelWilkinson, Inc.
310-279-5980 DATASOURCE: Corinthian Colleges, Inc. CONTACT:
Investors, Anna Marie Dunlap, SVP Investor Relations/Corporate
Communications of Corinthian Colleges, Inc., +1-714-424-2678; or
Media, Rosemary Moothart of PondelWilkinson, Inc., +1-310-279-5980,
for Corinthian Colleges, Inc.
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