SANTA ANA (AP) — Corinthian Colleges has received notice from Nasdaq that it is no longer in compliance with listing requirements after failing to file its fiscal first-quarter financial report on time.
The for-profit education company has clashed with U.S. regulators over student data.
The company previously received a Nasdaq notice for not filing its results for the fiscal year ended June 30 in a timely manner. It has until Nov. 28 to submit a plan to Nasdaq to regain compliance.
Corinthian said Wednesday that it has not yet determined what action it will take in response to the Nasdaq notice.
Its stock has plunged more than 80 percent since disclosing in June that it may shut down. Corinthian said at the time that the U.S. Department of Education had limited its access to federal funds after it failed to provide documents and other information to the agency. That follows allegations that the Santa Ana, California-based company altered grades, student attendance records and falsified job placement data used in advertisements for its schools.
In September the federal Consumer Financial Protection Bureau sued Corinthian for what it called a “predatory lending scheme.” Corinthian disputed the claims made by the CFPB.
Corinthian has plans in place to close some of its U.S. campuses under an agreement with the Education Department, which also placed Corinthian under an independent monitor, former federal prosecutor Patrick Fitzgerald.
Corinthian said Wednesday that the efforts that are necessary for it to comply with its agreement with the Education Department have placed “significant constraints” on its resources, preventing it from putting together the information needed to complete and file its annual and quarterly financial reports.
Its shares finished at 14 cents per share on Tuesday.
