Corinthian Colleges Inc(OTCMKTS:COCOQ) sunk well into the subs since the Company announced cessation of operations and hit the bb’s. COCO once commanded $35 a share.
In recent news COCO announced the closure of its remaining 28 campus based locations, displacing an estimated 16,000 current students. “We are certainly troubled to see the abrupt closure of so many Everest, WyoTech and Heald Colleges in many cities in California as well in Phoenix, AZ,” said Dr. Fardad Fateri, President & CEO of International Education Corporation.
Dr. Fateri adds, “Everest, WyoTech, and Heald Colleges do have excellent students who deserve to have access to excellent training, education and services to help them complete their programs and we are here, available and ready to help support these students in transferring to a UEI College campus closest to them.”
Corinthian Colleges Inc (NASDAQ:COCOQ) used to be a bellwether among for-profit colleges boasting several billion a year in revenues and a student base of several hundred thousand not sore any more.
Enrollment has declined significant while COCO has been under constant scrutiny from regulators. The for-profit education industry has been criticized for recruiting students most-likely to qualify for government-backed student loans, yet not improving their job prospects after graduation.
Back in July COCO reached an agreement with the Department of Education to sell most of its campuses or close them down. Some 85 of its 107 campuses are on the block, but the company has yet to find a buyer. Corinthian disclosed late last week that an accreditation agency is examining its placement records:
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Corinthian offers post-secondary career education through its Everest, Heald and WyoTech campuses, as well as online. Program areas include health care, business, criminal justice, transportation technology and maintenance, construction trades and information technology.
COCO mission is to help students prepare for careers in demand or to advance in their chosen field. With more than 81,300 students as of June 30, 2013, we are one of the largest post-secondary education companies in the U.S. and Canada. We offer short-term diploma programs and associate, bachelor’s, and master’s degrees. Our main program areas include health care, criminal justice, business, information technology, transportation technology and maintenance, and construction trades. In addition, we offer online degree programs that include business, accounting, criminal justice, paralegal and information technology.
As of June 30, 2013, COCO had approximately 81,300 students and 15,200 employees, including 6,000 faculty. They serve students and operate our schools in keeping with our core values, including integrity, service, excellence and accountability.
On February 11 COCO said it received a letter on February 5, 2015 from The NASDAQ Stock Market notifying the Company that trading of the Company’s common stock will be suspended from The NASDAQ Capital Market at the opening of business on February 17, 2015 and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission which will remove the Company’s securities from listing and registration on NASDAQ, as a result of its failure to comply with NASDAQ Listing Rule 5250(c)(1). The Rule requires timely filing of periodic reports with the SEC and the Company has not timely filed its Annual Report on Form 10-K for its fiscal year ended June 30, 2014 and its Quarterly Reports on Form 10-Q for its fiscal quarters ended September 30, 2014 and December 31, 2014. The Company was previously granted an exception by NASDAQ until January 30, 2015 to regain compliance with the Rule, however the Company has not been able to file these periodic reports.
As previously disclosed in a Report on Form 8-K filed with the SEC on July 7, 2014, the Company entered into an Operating Agreement (the “Operating Agreement”) with the U.S. Department of Education which became effective on July 8, 2014, and which, among other things, required the Company to produce certain documents within certain time periods, teach out and close 12 of its schools, and pursue selling the remainder of its Title IV-eligible schools.
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Currently trading at a $2.6 million market valuation COCO is in dire straits; under serious investigation, their filings late and the stock delisted to the OTCBB. We will be updating on COCO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with COCO.
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Disclosure: we hold no position in COCO either long or short and we have not been compensated for this article.