NEW YORK (AP) -- Shares of Career Education fell Monday after the for-profit education company said it has received inquiries from attorneys general in 12 states related to its business practices.
The inquiries focus on its practices related to recruiting students, graduate placement statistics, graduate certification and licensing, student lending and other matters, Career Education Corp. said in a regulatory filing on Monday. The Schaumburg, Ill., company said it got the questions on Friday.
Like other for-profit education companies, Career Education has faced public criticism in recent years over high drop-out rates, graduates' poor job prospects and the high debt levels of its students.
Career Education, which runs schools including Le Cordon Bleu North America and Colorado Technical University, plans to cooperate with the states involved.
Career Education stock dropped 39 cents, or 6.4 percent, to $5.68 in midday trading. Through Friday's close, the shares had risen about 77 percent over the past 12 months.