Feb. 26, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term investors of ITT Educational Services, Inc. (NYSE:ESI) shares over potential breaches of fiduciary duties by certain of its directors and officers of ITT Educational Services, Inc. in connection certain statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of ITT Educational Services, Inc. (NYSE:ESI) concerning whether a series of statements regarding ITT Educationals business, its prospects and its operations were materially false and misleading at the time they were made.

ITT Educational Services, Inc. reported that its annual Revenue fell from over $1.49 billion in 2011 to under $1.3 billion in 2012 and that its respective Net Income declined from $307.75 million to $140.47 million.

Shares of ITT Educational Services, Inc. (NYSE:ESI) traded in 2011 as high as $92.30 per share and in 2012 as high as $75.52 per share.

On February 22, 2013, after the market closed, ITT Educational Services filed its annual report. ITT Educational Services disclosed that it was being investigated by the Securities and Exchange Commission (SEC) concerning the companys involvement in some private student-loan agreement.

ITT Educational Services said it received a subpoena from the SEC on February 8, 2013. The subpoena issued by the SEC requested documents related to a 2009 loan risk-sharing agreement and its PEAKS Private Student Loan Program.

Shares of ITT Educational Services, Inc. (NYSE:ESI) declined from $18.98 on Feb. 22, 2013, to $14.45 on Feb. 26, 2013.