Classes resume at ITT Technical Institute

Thursday, Feb. 26, 2004 | 11:14 a.m.

SUN STAFF AND WIRE REPORTS

INDIANAPOLIS -- Classes resumed today at 10 campuses of ITT Technical Institute in eight states where authorities a day earlier served warrants and searched records in an investigation that spooked investors in the chain of technical schools.

Among the campuses closed by the probe on Wednesday was the school at 168 N. Gibson Road in Henderson. School official Racquel Pankau confirmed this morning that classes had resumed.

After shares of the parent company lost a third of their value Wednesday, ITT Educational Services Inc. issued a statement that offered no further details of the focus of the federal investigation.

The statement, issued before markets opened today, said ITT "holds itself and its people to the highest ethical, legal and regulatory standards" and continued to cooperate with investigators.

Authorities also would not say why they conducted Wednesday's searches.

ITT on Wednesday said the investigation involved grand jury subpoenas of records concerning student placement, retention, graduation, attendance, recruitment, grades, graduates' salaries and transfers of students' credits to other colleges.