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Friday, July 18, 2014

Corinthian Colleges to be monitored by ex-US Attorney Fitzgerald, (NASDAQ: COCO)

Former federal prosecutor Patrick Fitzgerald agreed to serve as an independent monitor of Corinthian Colleges Inc, the struggling for-profit education company that agreed to sell or close its campuses, the U.S. Department of Education said on Friday. Fitzgerald, 53, is a partner at Skadden, Arps, Slate, Meagher & Flom, which he joined in 2012 after a decade as U.S. Attorney for the Northern District of Illinois, which includes Chicago.As a prosecutor, he won the convictions of former Illinois governors George Ryan and Rod Blagojevich; and the conviction of Lewis "Scooter" Libby, a former aide to Vice President Dick Cheney, related to the leak of covert CIA officer Valerie Plame's identity.Corinthian serves about 72,000 students, operates 107 campuses under such names as Everest, Heald and WyoTech, and also offers degrees online.It agreed on July 3 with the Education Department to put 85 campuses up for sale, wind down 12 others, and try to sell its Canadian schools.

Corinthian Colleges, Inc. is a post-secondary education company in the United States and Canada. Shares of COCO traded higher by 4.1% or $0.0082/share to $0.21. In the past year, the shares have traded as low as $0.20 and as high as $2.75. On average, 3147380 shares of COCO exchange hands on a given day and today's volume is recorded at 673557.