ITT Educational Services ESI Stock Purchasers File Securities Fraud Class Action Lawsuit Complaint Against ITT Educational Services Over Alleged Misrepresentations Relating To ITT’s Recruiting & Financial Aid Lending Practices.
A securities fraud class action lawsuit has been filed against education service provider ITT Educational Services, Inc. (“ITT Educational Services” or “ITT” or “Defendant”) in the United States District Court for the Southern District of New York on behalf of a class consisting of purchasers of ITT Educational Services’s common stock (symbol: ESI) between October 23, 2008 and August 13, 2010 (the “Class Period”), alleging that ITT Educational Services and certain ITT officers and executives violated federal securities fraud laws, including the Securities Exchange Act of 1934, by allegedly issuing false and misleading financial statements relating to ITT’s alleged failure to disclose improper recruiting and financial aid lending practices, according to ITT securities fraud class action lawsuit news reports.
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Graduated from ITT at the Houston South Campus in 2002 with an AAS in computer networking. Never able to find work in the field other than computer repair using knowledge I already had before I attended there. I received letters stating they were glad they found me a job, listing the job I had been in for almost 20 years and was preparing to leave from as a job they found for me. The classes were whatever the instructor wanted to talk about, and one class was spent with the instructor talking about doing drugs in college most the time. Instead of helping finding work I could do till retirement age it has me paying student loans for nothing until I am in my 70’s. I am keeping my end of the deal paying the loans I made, but they did not keep their end of the deal providing a useful education.
Boy you sound exactly like my son…
I graduated from ITT in 2012… I have a bach in criminal justice. I work at Uhaul as the storage manager. I am to pay back almost $1700 in loans. that’s unrealistic. I hate that place with a passion and regret even attending. the classes were completely bogus. I learned nothing. The instructors were only interested in their bonus’ and their reviews…
They did the same thing to me with there IT networking degree program that isn’t worth a crap. I taught myself more then they ever thought of teaching me. There IT networking labs where a joke and I could build a better lab in my house then they had in their entire school. I attended form 2010 to 2012 and gained nothing from them but 28 grand in debt that I am now paying back with a job I got on my own that has nothing to do with networking or computer repair. It is a job I did for 12 years before I went to this bogus school. I am just glad I was able to get back into a job like that one to be able to pay this massive student loan debt back. the only job they offered to get me was making 9 bucks and hour lieing to people over the phone that use there services . So basically the job they could get me was a telecom job that I could have done in high school.
Graduated from ITT at the Norwood Ohio Campus in 2009 with an associates degree in computer Science. I was told by my counselor that once I graduate that I could get a job starting at $25.00. All I received were eight to nine dollar an hour jobs.
Every time I asked for help during class I was told that they had NO TIME for my questions due to their time schedule for the class.
Every instructor had the same quote they would say in the class which was; “If you came to class every day that you would pass.” I was the only one in my graduating class that had perfect attendance and all I got was a lousy plaque and student loans with phone calls every day from Salliemae!!!!!
I started with ITT Tech in Sylmar California in September 2013. I, and my parents, met with a man named Vaje who sold my on the idea of going to school here to get my AA in computer technology. I was told after 11 weeks of school, I would get 2 weeks off ( which never happened). I was told I would taught my excellent teachers ( most fall asleep in class or don’t speak English!). I call the school and most of the staff can’t answer any questions because “they don’t know”. I am now in debt, and from seeing these posts, realize I won’t be able to get a job after this is over. What can I do? Is there a way to get out now?
I graduate back in 2011 in criminal justice and know i been working at walmart now they never really help me look for a job in the field that i went to school for and now its coming to the point where i just want to give up on things i apply to different places and i get nothing back, and when i apply for a certain job at walmart i was over qualifed
I graduated from the Cary, NC campus twice; once in 2010 then again in 2012 with each a degree in Computer and Electronics Engineering and Computer Drafting and Design which can go hand in hand. I’m in more debt than I should be and often think about I had attended that school in the first place. They claimed to be looking for companies that would a great place for me to start with my degrees but I never heard from any potential employers or status to potential employers. And I still do what I was doing while I was in school since 2008, and that is electrical field/service work. I’m paving my own way without the useless degrees from ITT, it shames me to have them on my resume.
I attended ITT tech in Nebraska and was told dreams of getting all the tools needed for my field I wanted and would get job placement. now I work in a call center and have moutains of debit and a degree that I can’t use. they never told me about college credit not being transfered or how a two year degree wouldn’t fly for the field I was going into. something needs to happen becasue now I want to get a house and a car but becasue of ITT tech loans
I have been ignoring Student CU Connect since about Oct 2012, I graduated in March 2012 from the Computer Networking Systems Associate’s Degree program. I requested all the student loan information and the supposed originating dates do not line up with any quarter. When everything was added up ITT Tech ended up oweing me money they never reimbursed. The signature just says electronically signed. I had a credit watch with Esperian and they are not on my credit report, but the rest of my legitimate loans are listed from Sally Mae. The calls are never ending so I downloaded a call blocker app on my phone and added their phone number to the list! I have reported the scam to the FBI website, but I doubt anything will be done!! All I have to say is never attend ITT Tech!! The labs and classes are a joke, just buy yourself the books and teach yourself! You will be much better off!!
I totally agree. They should be held accountable. Our grand daughter graduated from there with a promise of a great job . Promised by shiny shoe salesman. All she got was high interest school loan that will take a life time to pay off. She now works in a deli at kroger . The equiptment they use was outdated & a lot of times didn’t work right . The instructors a lot of times wasn’t prepared for the next days class or couldn’t explain the course clearly. Somehow she managed to finish in the upper class . So much for the shiny shoe sales person promise .
The “Pay As You Earn” plan introduced by the Obama administration caps a federal student loan borrower’s payments at 10 percent of their income, and the balance will be forgiven after 20 years of on-time payments. Those of you with large school debt need to research this.
I attended ITT Tech Youngstown, Ohio campus and also feel it was a complete waste of my money and time. Once I graduated they pushed me into a job with telecommunication skills when I graduated with a degree in networking. People working there were coming from fast food joints with no college education. Anyone could work there. I quit after 3 weeks and went back to my old job because I was making the same money. So much for helpful job placement….
I was a struggling single mom that had alwasy dreamed of attending college. When I went for my initial interview and they said I could attend college there I was estatic! Up until that point I thought you had to be accepted into any college…. I was barely 18 with bad credit, a child on the way, a father recently sent to prison, and my single mother was raising the last 6 of my younger siblings after being a stay at home mom for 25 years. When i was told I was approved for student loans I was more than over joyed. They have haunted me and my family for over 10 years now!
I obtained an Associate’s Degree (Criminal Justice) from ITT-Greenfield, Wi. in 2011.
* A month before I graduated the school told me I had to take a private (predatory) loan; interest rate above 25%. The school informed me if I didnt take the loan I would not receive my degree. I didnt want to throw away all my hard work so I took it.
* The recruiter lied about the jobs that would be available to me when I graduated. After completing my program their career center only found me jobs making less than $11 per hour. After a year i gave up on the career center because what they offered I could have found on my own without a degree.
* I had some classes where teachers would just pass you for coming to class, lots of open book test because some teachers didnt lecture out the book, i.e. had a teacher who never talked about what was in the book, we would talk about world events all day then when it was time to take test it would always be open book because we never discussed that information as a class.
I understand about the lawsuit and the overcharge of tuition, however, I graduated this past September with an AAS in Network Systems Administration. I am currently making $18/hour and found this job through Career Services. You get out of the classes what you put into it. Sure, you can teach yourself, but who is going to hire someone who was self taught with no degree?
I went to the youngstown ohio campus 2008-2010. Like a lot of you i was forced to take out private loans from the place they made me at an rate of 29% they gave me no time to find funding from another source because they failed to tell me until the last day before my funding ran out. I graduated with an AAS in criminal justice with a 3.46 gpa. The teachers were a joke. People graduated with a higher gpa than me and showed up 2 times in an entire semester. After graduating the only jobs they found for me were at department stores being loss prevention paying $8 an hour. Im back trucking again because its the only job i can find to feed my family.
I went to the youngstown ohio campus 2008-2010. Like a lot of you i was forced to take out private loans from the place they made me at an rate of 29% they gave me no time to find funding from another source because they failed to tell me until the last day before my funding ran out. I graduated with an AAS in criminal justice with a 3.46 gpa. The teachers were a joke. People graduated with a higher gpa than me and showed up 2 times in an entire semester. After graduating the only jobs they found for me were at department stores being loss prevention paying $8 an hour. Im back trucking again because its the only job i can find to feed my family. My credits wont transfer anywhere and my monthly payments are well above $1500 a month for my loans. This was the worst decision ive ever made.
I will give ITT tech this AA back and give me the money back
I received my bachelors degree in Information Systems Security from ITT Tech in 2008. I went to this school because of the commercials and being told by my recruiter that with my degree I would be making $80,000 to $100,000.00 a year. Needless to say I am making nowhere near that amount. While attending ITT Tech some instructors would talk about some of the problems they faced at work, that might have been good if we all knew what he was talking about. I did not learn anything from him or many other instructors. Going to ITT Tech was the worst decision I have ever made. I only hope something can be done about my debt as I can’t even get a house or plan for retirement with this debt looming over my head.
I enrolled into ITT Tech, Indianapolis online in Dec 2007, graduated in Dec 2010 with a 3.25/4.0 GPA. I was tired of working in that dead end machine shop and at the age of 43, I felt the need to make a change and to do that, through reliable resources, was to get a degree. I spent 3 years as a part time student working towards an associate’s degree in Information Systems Administration. I had no other option but to do this online for I was working full time and maintaining a household as well as taking care of my wife who has medical problems.
I’ve known of ITT Tech since I was a teenager in the early 80’s and had aspirations to go, but college was not an option for me at that time, so I dismissed it and went on with my life. After seeing all those TV commercials of success stories and comparing them to where I was at in life, I decided to make the move.
When the recruiter called me and of course with his sugar coated sales pitch told me that they had job placement assistance for when I graduated. When that time came, I only got one phone call from a career specialist and since I was at work I was unable to take the call as well as I was never able to even reach him when I returned the call. When I did finally get in touch with someone, all they did was send me links to job boards such as Indeed.com and CareerBuilder which I had already been through all of those and submitted resumes without a single bite.
It was to my understanding that employers went to the campuses to recruit graduates, but apparently weren’t interested in online graduates. As far as I’m aware, when employers look at my resume and see that I graduated from ITT Tech online, it goes straight to the shredder. I can’t even get a job as a help desk specialist.
I even ask the recruiter if the fact that I was a machinist for the past 12 years as well as my age, was going to hinder my prospects for a change in careers, he said not at all, he assured me that employers were looking for what they put out as well as I had a solid work ethic, a broader train of thought.
During the course of this online entourage, I started looking through review boards regarding ITT tech and all were negative reviews, anywhere from a waste of time to threats to sue for unethical practices of the institution. I wanted to drop the course right there before I accumulated more debt, but I decided to stick it out and obviously, it didn’t pay off.
Now, after all that hard work immersing myself in this endeavor, neglecting my responsibilities at home and at work in hopes of living the American dream, I’m now over $50.000 in debt.
I graduated from the Concord, California campus with my AS degree in computer networking. I was hired the next day as a field technician for Safeway corporate with a 6 month contract. Since then I’ve started my Bachelor’s degree online and will graduate in March of 2016 with a degree in computer security and a 3.85 grade average. I am now on a 1 year contract with Black Box working as a network technician maintaining routers and switches in a very large data center for Bank of America. I should point out that I had a previous career in the computer industry interrupted by 7 years in trucking and the degree was to give my computer resume a shot in the arm which it did quite well. With all the other colleges folding around us I hope ITT will be around long enough so I can complete my degree. My only complaint is that no one told me the college wasn’t accredited and that I won’t be able to continue my learning. Those of you concerned about repayment of loans should research Obama’s “Pay as you Learn” program which caps the amount you have to pay back by 10% of your annual income. I wish you all good luck.