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Percentages are relative proportions. You can't just take the difference (44% - 3% = 41%) of these numbers. The value decreased by a factor of 1 - (3 / 44) = 0.9318... that is 93.2 percent. Or, there's 6.8% left of their original claims. In other words, these gentlemen exaggerated by a whopping factor of 44 / 3 = 14.66...
Thus (let's be generous :) and round down), the correct title should be "MPAA Screws Up College Piracy Estimates By Up To 1466%".