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User:EricAtLincolnTech/development

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ORIGINAL

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Lincoln Group of Schools
Typefor-profit
Established1946
PresidentShaun E. McAlmont
Executive ChairmanDavid F. Carney
Location
West Orange
,
New Jersey
,
United States
Campusmultiple campuses located in Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Tennessee and Texas.
Websitehttp://www.lincolnedu.com/

The Lincoln Group of Schools (Nasdaq: LINC) is a group of for-profit tertiary level vocational institutions consisting of 43 campuses in the United States. Each campus is owned and operated by Lincoln Educational Services Corporation. Lincoln offers open enrollment, actively catering to the ATB (Ability To Benefit) market of potential students not holding a high school diploma or equivalent.

History

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The first Lincoln Technical Institute was established in 1946 in Newark, New Jersey, offering training in installation and servicing of air conditioning and refrigeration equipment. The first President at Lincoln Technical Institute was actually the grandson of Abraham Lincoln. Automotive courses were added in 1948. Lincoln established traveling schools to offer NAPA-certified training, which certified over 11,000 mechanics between 1955 and 1965.

In 1969, Ryder acquired Lincoln Technical Institute and two other technical schools with campuses in Illinois, Pennsylvania and New Jersey. By 1977, Lincoln Technical Institute had ten campuses in Illinois, Indiana, Iowa, Maryland, New Jersey, Pennsylvania, Texas, and Washington, DC. Lincoln Technical Institute acquired court reporting school The Cittone Institute and its three campuses in 1994, leading the group to have 14 campuses by the school's 50th anniversary in 1996.

Stonington Partners and Hart Capital purchased Lincoln Technical Institute in 2000. The school continued expanding, acquiring Denver Automotive and Diesel College and Computer-Ed Business Institutes in 2001, the Nashville Auto-Diesel College in 2003, and the Southwestern College of Business and New England Technical Institute[1] in 2004. Lincoln Educational Services Corporation made its initial public stock offering in 2005, trading on the NASDAQ under the symbol LINC. Also in 2005, the group acquired the Euphoria Institute of Beauty Arts and Sciences. Further acquisitions include the Harrison Career Institute in 2007, Briarwood College in December 2008 and the Baran Institute of Technology schools (Baran Institute of Technology, Connecticut Culinary Institute, Americare School of Nursing, Engine City Technical Institute, and Clemens College) in 2009.

Company Name(s): Lincoln Educational Services Affected Securities: NASDAQ: LINC An investigation on behalf of former and current students of Lincoln Educational Services Corporation (NASDAQ:LINC) including its Lincoln Technical Institute, Lincoln College of Technology, Nashville Auto-Diesel College, Southwestern College, Euphoria Institute, Lincoln Culinary Institute, Lincoln College of New England, Lincoln College Online, was announced in connection with the report by the Government Accountability Office with the title "For-Profit Colleges: Undercover Testing Finds Colleges Encouraged Fraud in Deceptive and Questionable Marketing Practices."

Lincoln Educational Services Corporation is a provider of career-oriented post-secondary education. It operates through its Lincoln Technical Institute, Lincoln College of Technology, Nashville Auto-Diesel College, Southwestern College, Euphoria Institute, Lincoln Culinary Institute, Lincoln College of New England, Lincoln College Online.

Lincoln Educational Services faced an investor lawsuit on behalf of those who purchased LINC stock between March 3, 2010 and August 5, 2010 against Lincoln Educational Services Corp. over alleged violations of Federal Securities Laws. The plaintiff alleged on behalf of purchasers of the common stock of Lincoln Educational Services Corporation that between March 3, 2010 and August 5, 2010, that Lincoln Educational Services issued between March 3, 2010 and August 5, 2010, a series of materially false and misleading statements related to its business and operations in violation of the Securities Exchange Act of 1934. The lawsuit followed a report by the U.S. Government Accountability Office with the title “Undercover Testing Finds Colleges Encouraged Fraud and Engaged in Deceptive and Questionable Marketing Practices,” which detailed undercover investigations into 15 for-profit schools that uncovered misconduct by school staff.

On August 4, 2010, the Senate Health, Education, Labor, and Pensions Committee conducted a hearing on for-profit education firms, where Government Accountability Office representative, George Kutz, presented the findings of report GAO-10-948T, "For-Profit Colleges: Undercover Testing Finds Colleges Encouraged Fraud in Deceptive and Questionable Marketing Practices." The report detailed undercover investigations into 15 for-profit schools that uncovered misconduct by school staff. According to this GAO study, the college personnel at schools owned by Education Management Corp. may have encouraged applicants to falsify their financial aid forms to qualify for federal aid and pressured applicants to sign a contract for enrollment prior to allowing them to speak to a financial advisor.

On October 19, 2010, the Wall Street Journal reported that Florida Attorney General's office launched an investigation into five for-profit colleges, seeking information on potential misrepresentations in financial aid, recruitment and other areas.[2]

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Campuses

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References

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Notes
  1. ^ Lubanko, Matthew (2004-11-05). "Deal signed to buy New England Technical Institute". Hartford Courant.
  2. ^ http://shareholdersfoundation.com/caseinvestigation/lincoln-educational-services-corporation-former-student-investigation
  3. ^ http://www.ed.gov/news/press-releases/student-loan-default-rates-increase-0
  4. ^ McAlmont 2008.
Bibliography

McAlmont (2008). "Southwestern College 2008-2009 School Catalog" (PDF).

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