- Corinthian Colleges Inc. revealed in a filing that it received a subpoena on June 6 from the U.S. Securities and Exchange Commission for records on recruitment, attendance, completion, placement and student-loan defaults.
- The for-profit education company was also asked for information related to U.S. Department of Education financial compliance, in addition to files on "corporate, operational, financial and accounting matters."
- The company plans to cooperate with the investigation and has previously faced federal scrutiny over its calculation of financial-responsibility measures necessary for federal financial aid eligibility, as well as its high rate of student-loan default.
From the article:
Corinthian Colleges Inc. (COCO) said it is under investigation by the U.S. Securities and Exchange Commission, and has received a subpoena for records related to recruitment, student-loan defaults and other matters. ...