DeVry Education Group Inc. shares tumbled 17% Wednesday, after the Federal Trade Commission said it is bringing an enforcement action against the for-profit education company. The FTC said it has a filed a suit against DeVry, alleging that it deceived students with promises they would find jobs that would pay more than they would earn with degrees from other colleges. “Educational institutions like DeVry owe prospective students the truth about their graduates’ success finding employment in their field of study and the income they can earn,” FTC Chairwoman Edith Ramirez said in a statement. The FTC said DeVry claimed that 90% of its graduates land jobs within six months of completing their studies, and that they earned 15% more on average than others. Shares have fallen 55% in the last 12 months, while the S&P 500 has lost about 7%.
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