Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Bridgepoint Education Inc. 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 May 10, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Bridgepoint stock or options between March 8, 2016 and March 7, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.
You can also 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.
The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased Bridgepoint securities between March 8, 2016 and March 7, 2019 (the "Class Period"). The case, Stein v. Bridgepoint Education, Inc., No. 19-cv-00460 was filed on March 8, 2019, and has been assigned to n/a.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) Bridgepoint’s processes for recording revenue for its FTG program were inaccurate; (ii) Bridgepoint maintained deficient internal controls; (iii) due to the foregoing deficiencies, Bridgepoint was prone to and did commit material accounting errors related to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses; and (iv) as a result, Bridgepoint’s public statements were materially false and misleading at all relevant times.
On March 7, 2019, Bridgepoint announced that it had "determined to restate the Company’s previously issued unaudited condensed consolidated financial statements, and advised that those financial statements should not be relied upon, for the three and nine months ended September 30, 2018." Bridgepoint stated that the processes used for recording revenue for the FTG program portion of its student contracts "were not designed with sufficient precision," leading to "material" accounting errors related to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses. Bridgepoint also identified weaknesses in internal controls.
On this news, Bridgepoint's share price fell from $9.43 per share on March 6, 2019 to a closing price of $6.22 on March 7, 2019: a $3.21 or a 34.04% drop.
Bridgepoint Education Inc. (BPI)
* The submission of this form does not create an attorney-client relationship.
Filed on 03/12/2019
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
Richard W. Gonnello email@example.com Phone (212) 983-9330 Fax (212) 983-9331