NEW YORK, May 14, 2015 /PRNewswire/ -- Hynes Keller
& Hernandez, LLC is investigating potential claims against
the Board of Directors of ITT Educational Services Inc. (NYSE: ESI)
("ITT") concerning possible breaches of fiduciary duty arising from
the announcement by the U.S. Securities and Exchange Commission
("SEC") on May 12, 2015 that the
agency is pursuing fraud charges against ITT, its Chief Executive
Officer Kevin Modany, and its Chief
Financial Officer Daniel
Fitzpatrick.
The SEC alleges that ITT, a national operator of for-profit
colleges, and the two executives fraudulently concealed from ITT's
investors the poor performance and looming financial impact of two
student loan programs that ITT financially guaranteed. ITT
formed both of these student loan programs, known as the "PEAKS"
and "CUSO" programs, to provide off balance sheet loans for ITT's
students following the collapse of the private student loan
market. To induce others to finance these risky loans, ITT
provided a guarantee that limited any risk of loss from the student
loan pools.
According to the SEC's complaint, ITT's senior-most executives
made numerous material misstatements and omissions in its
disclosures to cover up the subpar performance of student loans
programs that ITT created and guaranteed.
Click here for more information about our investigation of
ITT:
http://hkh-lawfirm.com/investigations-cases/itt-educational-services-inc-itt/
Hynes Keller & Hernandez, LLC is a national law firm
that represents institutional and individual investors. The
firm is focused on providing exemplary legal services in the area
of shareholder litigation. The firm has an experienced litigation
team which has achieved significant victories on behalf of the
firm's clients. You can visit our website at
www.hkh-lawfirm.com for more information. Attorney
advertising. Prior results do not guarantee similar outcomes.
If you hold shares in ITT and would like to obtain additional
information about your legal rights and protect your investment,
please visit our website or contact the attorneys below.
There is no cost or obligation to you.
Contact:
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Hynes Keller &
Hernandez, LLC
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Hynes Keller &
Hernandez, LLC
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Ligaya T. Hernandez,
Esq.
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Beth A. Keller,
Esq.
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1150 First Avenue,
Suite 501
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100 South Bedford
Road, Suite 340
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King of Prussia, PA
19406
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Mount Kisco, NY
10549
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Telephone: (610)
994-0292
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Telephone: (914)
752-3040
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Email:
lhernandez@hkh-lawfirm.com
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Email:
bkeller@hkh-lawfirm.com
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SOURCE Hynes Keller & Hernandez, LLC