Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Bridgepoint Education, Inc. (BPI) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Bridgepoint Education, Inc. (“Bridgepoint” or the “Company”) (NYSE: BPI) of the April 27, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Bridgepoint and certain executives.
A complaint has been filed in the Southern District of California on behalf of all persons who purchased Bridgepoint securities from August 7, 2012 through May 30, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period, Bridgepoint failed to disclose that: (i) the Company employed an improper revenue recognition methodology in order to determine the collectability of student owed funds; (ii) Bridgepoint’s revenues and financial results were overstated; (iii) the financial statements of the Company were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) Bridgepoint did not employ adequate internal and financial controls.
On May 12, 2014, the Company announced that on May 2, 2014, the Securities and Exchange Commission informed Bridgepoint that a reassessment was required under accounting principles generally accepted in the United States.
Following this news, the Company’s stock declined $1.41 per share, or nearly 9%, to close at $14.51 per share on May 12, 2014.
On May 30, 2014, the Company announced that the financial statements filed for the years ended December 31, 2011 and December 31, 2012, as well as financial statements filed for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 should not be relied upon.
If you invested in Bridgepoint stock or options between August 7, 2012 through May 30, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Bridgepoint’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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