Corinthian Colleges Inc (COCO) (COCO). fell the most in more than a year after the U.S. Securities and Exchange Commission began an investigation of the for-profit college chain.
The SEC issued a subpoena for documents related to student recruitment, attendance, degree completion, job placement, loan defaults and compliance with U.S. Education Department rules, Corinthian said yesterday in a filing.
Congress, the Justice Department and state attorneys general have been investigating recruitment practices and student borrowing at for-profit colleges. Santa Ana, California-based Corinthian received a subpoena from the California Attorney General in the quarter that ended Dec. 31, and was subpoenaed by the Wisconsin Attorney General in January.