Kahn Swick & Foti, LLC and Former Louisiana Attorney General Announce Investigation Into Corinthian Colleges Inc. - COCO
17 Août 2010 - 6:14AM
Business Wire
Former Attorney General of Louisiana, Charles C. Foti, Esq. and
the law firm of Kahn Swick & Foti, LLC (“KSF”) announce the
commencement of an investigation into Corinthian Colleges Inc.
("COCO" or the "Company") (Nasdaq: COCO) to determine whether it
has violated federal securities laws by issuing false and
misleading statements to its shareholders.
COCO shares tumbled 22% to close at $5.22 per share today, after
the U.S. Department of Education (“DOE”) released data on how
rapidly students repay their federal student loans, a key factor
that could affect the ability of COCO to receive government-backed
student loans. According to a Barron’s article today, Deutsche Bank
analyst Paul Ginocchio today cut his rating on the stock to “Hold”
from “Buy,” writing that the firm’s low rate of student low
repayment — just 22% — combined with high rates of loan defaults,
will “make the next few years challenging.” 83% of the company’s
enrollment is at its campuses whose loan repayment rate is below
the 35% threshold the Department of Education is prepared to demand
as the minimum for receipt of federal Title IV loans, writes
Ginocchio.
Today’s news follows reports by the U.S. Government
Accountability Office (“GAO”) that implicated for-profit colleges
in an investigation alleging that prospective students were misled
about their future earning power and job prospects.
If you have information that would assist KSF in its
investigation, or would like to discuss your legal rights, you may,
without obligation or cost to you, e-mail or call KSF Director of
Client Relations, Neil Rothstein, Esq.
(neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via
cell phone 330-860-4092, or KSF Managing Partner, Lewis Kahn
(lewis.kahn@ksfcounsel.com), toll free 1-866-467-1400, ext. 200,
after hours via cell phone 504-301-7900. KSF attorneys have
significant experience in representing both institutional and
individual shareholders in securities fraud litigation nationwide.
KSF encourages both institutional and individual purchasers of COCO
to contact the firm to discuss the investigation.
For more information on KSF, please visit
www.ksfcounsel.com.
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