Tardy Reporting
Career College Central Summary:
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Education Management said it would be able to file the report only after resolving issues with the U.S. Securities and Exchange Commision related to revenue recognition and bad debt reserve recorded upon student withdrawals. (http://1.usa.gov/Xe0ipj)
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Corinthian Colleges was sued by the U.S. consumer finance watchdog on Tuesday for alleged predatory lending, saying that it lured students into taking out private student loans by touting "bogus" job prospects and used illegal debt-collection methods.
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The company also said in a filing that pending school sales created uncertainties. (http://1.usa.gov/1r5N5Lz)
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Corinthian Colleges said in July it had reached a deal with the Department of Education to sell most of its campuses or close them down within six months.
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HUFFINGTON POST
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