WAYNE, Pa., Feb. 27, 2015 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the Southern District of
California on behalf of all
persons or entities that purchased the common stock of Bridgepoint
Education ("Bridgepoint" or the "Company") (NYSE: BPI) between
August 7, 2012 and May 30, 2014, inclusive (the "Class Period").
Bridgepoint Education shareholders may, no later than
April 27, 2015, move the Court for
appointment as a lead plaintiff of the Class. If you
purchased shares of Bridgepoint and would like to learn more about
these claims or if you wish to discuss these matters and have any
questions concerning this announcement or your rights, contact
Richard A. Maniskas, Esquire
toll-free at (877) 316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/bpi.
Bridgepoint is a for-profit provider of postsecondary education
services. The Company's academic institutions include Ashford University and University of the Rockies,
as well as online institutions. The Company's institutions deliver
programs primarily online, as well as at their traditional
campuses. The Complaint alleges that defendants made false and/or
misleading statements and/or failed to disclose to investors that
(1) the Company had applied an improper revenue recognition
methodology to assess collectability of funds owed by students; (2)
as a result, the Company's revenues and financial results were
overstated; (3) the Company's financial statements were not
prepared in accordance with Generally Accepted Accounting
Principles ("GAAP"); (4) the Company lacked adequate internal and
financial controls; and (5), as a result of the foregoing, the
Company's financial statements were materially false and misleading
at all relevant times.
On May 12, 2014, Bridgepoint
revealed that it was unable to timely file its Quarterly Report for
the 2014 fiscal first quarter because the Securities and Exchange
Commission ("SEC") had informed the Company that a reassessment of
its revenue recognition policy was necessary. According to the
Company, the SEC was requiring Bridgepoint to reassess whether
collectability was reasonably assured on a student-by-student basis
when recognizing revenue after a student's initial enrollment upon
certain changes in circumstances, such as when a student loses
financial aid eligibility. Following this news, shares of
Bridgepoint declined nearly 9%, to close on May 12, 2014, at $14.51 per share, on unusually heavy volume.
Furthermore, on May 30, 2014,
Bridgepoint announced that its financial statements filed with the
SEC for the years ended December 31,
2011 and December 31, 2012, as
well as the financial statements issued for the quarters ended
March 31, 2012, June 30, 2012 and September 30, 2012, should no longer be relied
upon. According to the Company, these financial statements
contained errors related to revenue recognition that resulted in
material misstatements of revenue, bad debt expense and accounts
receivable.
If you are a member of the class, you may, no later than
April 27, 2015, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas,
Esquire
995 Old Eagle School Rd., Suite
311
Wayne, PA
19087
877-316-3218
rmaniskas@rmclasslaw.com
www.rmclasslaw.com/cases/bpi
Logo -
http://photos.prnewswire.com/prnh/20121112/MM11729LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ryan--maniskas-llp-announces-class-action-lawsuit-against-bridgepoint-education-inc-300043061.html
SOURCE Ryan & Maniskas, LLP