College company is subpoenaed
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Corinthian Colleges Inc., an operator of 126 schools in the U.S. and Canada, was subpoenaed by the federal government for documents from a Florida campus.
The company’s stock fell the most in more than two years of Nasdaq trading.
The Education Department’s inspector general served a search warrant on the National School of Technology campus in Fort Lauderdale, Corinthian said in a regulatory filing. The Santa Ana-based company said it didn’t know what prompted the investigation.
Corinthian shares fell $1.46, or 9.2%, to $14.49.
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