NEW YORK, March 5, 2015 /PRNewswire/ -- Harwood Feffer LLP
(www.hfesq.com) is investigating potential claims against the board
of directors of ITT Educational Services, Inc. ("ITT" or the
"Company") (NYSE: ESI), concerning whether the board has breached
its fiduciary duties to shareholders.
In recent years, in order to assure funding for student loans
(and ITT's profitability), ITT entered into a series of risk
sharing agreements ("RSA") with third party lenders. In
connection with the RSA's, ITT is required to maintain student
defaults below a certain level, if it does not, ITT may be liable
for the funds owed. From 2007 through 2011, ITT's default
rates increased and exceeded the threshold amounts triggering
payment by ITT to the third party lenders.
Our investigation concerns whether the Company board of
directors has breached its fiduciary duties to shareholders,
grossly mismanaged the Company, and/or committed abuses of control
in connection with the foregoing.
If you own ITT shares and wish to discuss this matter with us,
or have any questions concerning your rights and interests with
regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212) 935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the
firm.
The law firm responsible for this advertisement is Harwood
Feffer LLP (www.hfesq.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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SOURCE Harwood Feffer LLP