If you read the SEC filing they did today, they are going to convert their shares they have now to privately traded stocks and pretty much remove themselves from NASDAQ and public trading. I can't say I blame them. At 1.03 per share, it's a pretty huge embarrassment. Who would want to buy these shares anyways regardless of public/private considering the grim outlook for this place?
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I think they continue to sell the stock - but are offering new options:
it has commenced a private offer to exchange (the "Exchange Offer") all outstanding Senior Cash Pay/PIK Notes due 2018 (the "Cash Pay/PIK Notes") and Senior PIK Toggle Notes due 2018 (the "PIK Notes" and together with the Cash Pay/PIK Notes, the "Notes"), each co-issued by its indirect wholly owned subsidiaries Education Management LLC and Education Management Finance Corp., for a combination of mandatory convertible preferred stock of EDMC (the "Preferred A-2 Shares") and warrants (the "Class A Warrants") to purchase common stock of EDMC (the "Common Shares")
It read as if they were selling debt in exchange for some specialized class of stock again.
http://finance.yahoo.com/news/education-management-corporation-commences-exchange-025100961.html....EDMC is going to go through a major restructuring that may involve buyouts. They are now temporarily closed from selling the stock (which is already almost worthless).
full link here
http://www.marketwatch.com/story/education-management-corporation-commences-exchange-offer-in-connection-with-proposed-restructuring-2014-10-01