College graduates, Continuing Education, Corporate, Domestic, For-Profit, Gainful Employment, Required, University & College - Written by Elbert Chu on Wednesday, November 23, 2011 8:12 - 0 Comments
Why Career Education Co. is like a Bad Daytime Soap Opera
The plot thickens: She’s caught cheating. Then her main man walks out on her. At the same time she loses half her bank account. If that were’t bad enough, now she might lose her driving license. It sounds like a bad daytime soap opera, but we’re talking about Career Education Co. [NASDAQ: CECO]. Here’s the latest.
As we reported in April, Career Education Co. reported sketchy numbers about how many students get jobs upon graduation from the health education division. On November 1, then CEO Gary McCullough resigned as the company reported half of expected net income. Investors cut the stock price in half.
Now, Crains reports 49 of these institutions may lose their accreditation.
The stock has gone from trading at $24 at the beginning of April to closing last night at $7. Ouch. Crains take on the latest:
The for-profit education company is to appear next month at a meeting of the Accrediting Council for Independent Colleges and Schools to “show cause” why the current accreditations should not be suspended, Schaumburg-based Career Ed said in a filing Monday with the Securities and Exchange Commission. The requirement to appear is related to “the adequacy of the administrative practices and controls relative to the company’s reporting of placement rates to ACICS,” the filing says.
- Career Education slides 5% on accreditor inquiry (marketwatch.com)
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