Corinthian Colleges (COCO) Will Delay 10-K Filing

Corinthian Colleges (NASDAQ: COCO) filed to delay its 10-K submission. The following was given as reasoning:

"As previously disclosed in a Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”), on July 7, 2014, Corinthian Colleges, Inc. (the “Company”) entered into an Operating Agreement (the “Operating Agreement”) with the U.S. Department of Education (“ED”) which became effective on July 8, 2014, and which, among other things, required the Company to produce certain documents within certain time periods, teach out and close 12 of its schools, and pursue selling the remainder of its Title IV-eligible schools. The efforts required to comply with the terms of the Operating Agreement have put significant constraints on the Company’s resources, preventing it from obtaining and compiling the information required to complete and file its Annual Report on Form 10-K for the fiscal year ended June 30, 2014. The Company could not eliminate the delay without unreasonable effort and expense. In addition, the uncertain outcome of the school sales that the Company is pursuing creates uncertainties regarding the valuation of the Company’s assets, as well as its financial condition and results of operations as of and for the fiscal year ended June 30, 2014."

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