Corinthian Colleges Inc. Faces Investigation by Federal Agency

Corinthian Colleges Inc., a for-profit higher-education provider, disclosed in a corporate filing on Monday that it is being investigated by the U.S. Securities and Exchange Commission. A subpoena from the SEC asks the company to provide student data in a number of areas, including recruiting, attendance, completion, placement, and loan defaults. It also asks for documents relating to compliance with U.S. Department of Education requirements and compliance with the 90/10 rule, which requires that for-profit colleges get no more than 90 percent of their revenue from the federal student-aid programs. The company said it would cooperate in the investigation.

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