• Monday, February 20, 2012
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Another Call for Vote Against Career Education Corp.

Another company that provides investing advice announced on Friday that it would recommend that its clients who own Career Education Corporation stock vote for a dissident slate of directors at Monday’s annual meeting, Bloomberg News reported. The investment adviser, Glass Lewis & Co., said that the for-profit higher-education company had become embroiled in a host of lawsuits and government investigations, and refused to deal with “the grim reality of the situation.” The adviser recommended that shareholders choose directors endorsed by Steve Bostic, a harsh critic of Career Education’s management.

The recommendation followed by a week a similar suggestion by Institutional Shareholder Services, another investment adviser (The Chronicle, May 5). Criticism of Career Education has mounted as its annual meeting approaches (The Chronicle, January 13 and April 19).