Dive Brief:

• Corinthian Colleges Inc. has notified investors that it is facing a possible federal criminal investigation.
• The for-profit college chain received a grand jury subpoena Friday from the Los Angeles U.S. attorney's office. About a quarter of its 107 campuses and programs are in California.
• The subpoena asks for information on Corinthian’s job placement and graduation rates, as well as its advertising and marketing materials, transferability of credits, and claims about financial aid, military connections, student loans, and defaults by Corinthian students.

Dive Insight:

While Corinthian has received subpoenas from state attorneys general and several federal agencies, this is the first indication that it may be the target of a federal criminal probe, according to the Los Angeles Times. Corinthian revealed the federal subpoena in one paragraph at the end of a 20-page Form 8-K filing with the U.S. Securities and Exchange Commission. The rest of the 8-K consists of updates on U.S. Department of Education program reviews, accrediting agency reviews, state agency actions, state attorneys general investigations, a U.S. Consumer Financial Protection Bureau, an SEC investigation, and lawsuits against the company.