- Associated Press - Friday, October 24, 2014

PITTSBURGH (AP) - A Pittsburgh-based company that runs for-profit colleges and trade schools plans to take its stock off the Nasdaq index.

The Pittsburgh Tribune-Review (http://bit.ly/1tqUWnQ ) reports that Education Management Corp. has determined the cost of complying with Securities and Exchange Commission regulations outweigh the benefits of being publicly traded.

The company’s stock will still be traded over the counter on so-called “pink sheets” which have less stringent public reporting requirements.

The company’s decision comes a month after shareholders filed a federal lawsuit to recoup money they’ve lost as the company has battled with the Justice Department and federal regulators.

The company has come under scrutiny for the way it recruited students and alleged violations of new federal regulations governing federal student aid.

EDMC runs 110 schools in 32 states, including trade schools for chefs and artists.

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