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Think Equity Partners analyst Trace Urdan said that, based on [ ITT Chief Executive Rene] Champagne's comments, he believes the probe is likely related to Title IV, a regulation that requires educational companies to report certain student data.

"If there were a smoking gun and criminal activity, I find it really hard to believe that the credit agency, other regulatory processes and audits wouldn't pick that up in some way," said Urdan. He rates ITT's stock "equalweight" and does not own it.

Big federal sweep on ITT's headquarters, without any information (that I can find) on how this would change ITT's business, caused a 40% drop in share prices.

Is this now a good buy? I've done well with past legal issues that didn't affect the business (HRB, MO, and RMBS) causing huge dips.

Any comments on buying the stock or options now?
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