Intueri shares plunge 35% on Serious Fraud Office investigation

Intueri Education Group's shares sank 35 percent as the company said one of its colleges was under investigation by the Serious Fraud Office. 

The Auckland-based company today received notice from the SFO seeking information in Intueri's Quantum Education Group, it said in a statement.

The shares dropped 19 cents to 35 cents, having dropped 24 percent so far this year. The stock plunged 74 percent in 2015, most of which occurred after its November announcement that the Tertiary Education Commission was reviewing funding at two of its schools.

Last month, the Financial Markets Authority said elements of Intueri's 2014 prospectus could have been more clearly and effectively described. While the FMA recommended the company give further consideration to how student enrolment data is disclosed in future communications, it took no further action.

BusinessDesk.co.nz

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