QuinStreet is misleading shareholders by stating that their education vertical consists mostly of not-for-profit clients. While the claim may be true, it's very misleading.
For example, one of QuinStreet's biggest clients is Purdue University Global, which is a rebranded Kaplan University.
The Art Institutes, which were once part of the failed Education Management Corporation have also become not-for-profit, as part of the Dream Center Foundation, a quasi-religious organization that serves drug addicts and homeless people.
QNST is also trying to help mediocre schools like California University of PA rebrand as "Cal U."