ITT Education Services Plummets: Investors Should Take Their Schooling Elsewhere
- ESI has postponed issuing its 2013 10-K and first quarter 10-Q due to questions revolving around the accounting for third party private loans.
- A recent ESI agreement to a sales-lease-back for 24 of its properties to College Portfolio Buyer LLC also fell through recently.
- Under pressure related to recent events, Kevin Modany, the company’s current CEO, announced that he plans to resign in 6 months.
- With increasingly negative news and performance, we suggest investors steer clear of ESI in the second half of 2014.