Edison Reels Amid Flurry Of Bad News
The news just seemed to go from bad to worse last week for Edison Schools Inc.
Just minutes before the nation's largest for-profit manager of public schools was to begin a much-anticipated financial announcement on May 14—which among other things was meant to soothe investors after weeks of sharp declines in its stock price—the federal Securities and Exchange Commission released a bit of a bombshell.
The commission announced the settlement of a three-month inquiry into Edison's financial practices, concluding that the company had failed to disclose that money it reported as revenue had never actually...
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