ITT says being investigated by SEC over student loan programs
(Reuters) - For-profit education provider ITT Educational Services Inc (ESI.N) said it was being investigated by the U.S. Securities and Exchange Commission over its private student lending programs, sending its shares down as much as 14 percent.
ITT, which runs the ITT technical institutes and Daniel Webster College, said it received a subpoena on February 8 related to its actions and accounting associated with two agreements it signed in 2009 and 2010 with third parties to help its students pay for the cost of their education.
"There can be no assurance that the ultimate outcome of the SEC investigation will not have a material adverse effect on our financial condition or results of operations," the company said in a regulatory filing late on Friday.
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