Zovio Inc ZVO (last ticker on record)

CIK 1305323Its SEC filings (opens in a new tab)

Restructuring
Restatement
SEC/DOJ scrutiny
Delisting notice (not a red flag)
95% wipeout

These figures describe clients, not conduct. A lawyer or firm can serve many companies that later had trouble for reasons that have nothing to do with their work, and nothing here says any lawyer or firm did anything wrong.

Red flags: 4; Newest began Aug 2022
Largest fall in its shares: 99%; Aug 2020 to Dec 2022
Law firms: 7; Linked to 5 or more companies
Lawyers: 9; Linked to 5 or more companies

What happened

Nov 2, 2022Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
Aug 18, 2022Shares down 95% from their high
May 6, 2022Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
May 9, 2019A filing mentions cooperating with the SECForm 10-Q (opens in a new tab)
Apr 2, 2019Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
Mar 7, 2019Said its accounts could not be relied on (Item 4.02)Form 8-K (opens in a new tab)
Nov 8, 2016A filing mentions cooperating with the Justice DepartmentForm 10-Q (opens in a new tab)
May 24, 2016A filing mentions cooperating with the SECForm 8-K (opens in a new tab)
May 24, 2016A filing mentions an SEC subpoenaForm 8-K (opens in a new tab)
Jul 9, 2015Exit or disposal costs (Item 2.05)Form 8-K (opens in a new tab)
May 30, 2014Said its accounts could not be relied on (Item 4.02)Form 8-K (opens in a new tab)
Jun 24, 2013Exit or disposal costs (Item 2.05)Form 8-K (opens in a new tab)

An SEC release can name a company’s officer, or its stock as what a scheme sold or moved, so the company may be the victim. Each link goes to what to read.

Law firms

The ratios are about all the companies linked to each one, this one included: how many had that outcome, as a multiple of what comparable companies show. 1.00 means no more than expected.

Law firms linked to this company
Name	First linked	How it is known	Linked companies	SEC/DOJ scrutiny	Went dark	95% wipeout
DLA Piper	Dec 2022	Named in a filing	1,184	1.00	0.45	1.20
Wilson Sonsini Goodrich & Rosati	Aug 2009	Named in SEC correspondence	1,468	1.09	0.60	1.42
Richards, Layton & Finger, P.A.	Apr 2009	Named in a filing	995	1.46	0.37	0.80
Sheppard Mullin	Dec 2008	Named in SEC correspondence	392	1.12	0.81	1.22
Allen Matkins Leck Gamble Mallory & Natsis LLP	Mar 2009	Text search only	98	0.65	0.85	1.34
Lewis and Roca	Dec 2008	Text search only	46	1.25	1.60	1.33
Willkie Farr	Dec 2008	Text search only	539	1.23	0.40	0.84

Lawyers

The ratios are about all the companies linked to each one, this one included: how many had that outcome, as a multiple of what comparable companies show. 1.00 means no more than expected.

Lawyers linked to this company
Name	First linked	How it is known	Linked companies	SEC/DOJ scrutiny	Went dark	95% wipeout
David P. LewisDLA Piper	Dec 2022	Named in a filing	19	0.76	0.00	0.88
Dan HorwoodWilson Sonsini Goodrich & Rosati	Jun 2017	Named in SEC correspondence	6	3.83	0.00	2.43
Anthony G. MaurielloWilson Sonsini Goodrich & Rosati	Nov 2013	Named in a filing	8	1.15	1.75	1.74
Jeffrey D. SaperWilson Sonsini Goodrich & Rosati	Aug 2009	Named in a filing	102	1.24	0.83	1.51
Martin J. WatersWilson Sonsini Goodrich & Rosati	Aug 2009	Named in SEC correspondence	24	1.91	0.88	2.49
John J. HentrichSheppard Mullin	Dec 2008	Named in SEC correspondence	16	2.09	0.80	2.39
Kris F. HeinzelmanCravath Swaine & Moore	Dec 2008	Named in SEC correspondence	65	1.32	0.00	1.03
Robert L. Wernli Jr.Wilson Sonsini Goodrich & Rosati	Dec 2008	Named in SEC correspondence	21	2.47	4.61	2.01
BARRY E. TAYLORWilson Sonsini Goodrich & Rosati	Aug 2009	Text search only	33	0.70	1.36	1.87