Hagens Berman Alerts Bridgepoint Education, Inc. (NYSE:BPI) Investors With Over $100,000 in Losses of April 27th Lead Plainti...
March 19 2015 - 8:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, advises investors with losses exceeding $100,000 of the April
27, 2015 lead plaintiff deadline in a class action lawsuit filed
against Bridgepoint Education, Inc. (NYSE:BPI) ("Bridgepoint" or
"the Company"). The suit is pending in U.S. District Court for the
Southern District of California, and investors, who purchased
Bridgepoint securities between August 7, 2012 through May 30, 2014
(the "Class Period") have until April 27, 2015 to move for lead
plaintiff. You do not need to move to be a lead plaintiff to be a
member of the Class.
If you purchased Bridgepoint securities during the Class Period,
and have losses over $100,000, you may contact Hagens Berman
Partner Reed Kathrein, who is leading the firm's investigation, by
calling (510) 725-3000, emailing BPI@hbsslaw.com or visiting
http://hb-securities.com/investigations/BPI. No class has been
certified in this case, and if your losses are less than $100,000
you are still a member of the class.
Bridgepoint is a for-profit provider of postsecondary education.
The company runs institutions that provide programs online as well
as at their traditional campuses. The complaint alleges that
throughout the Class Period, Bridgepoint and its executives failed
to disclose that (i) the Company used an improper revenue
recognition methodology to determine the collectability of
student-owed funds; (ii) the Company's revenues and financial
results were overstated; (iii) the financial statements were not
prepared in accordance with Generally Accepted Accounting
Principles; and (iv) Bridgepoint did not use adequate internal or
financial controls.
Investors began to learn the truth about the Company when, on
May 12, 2014, Bridgepoint announced that the SEC had informed it
that a reassessment of its financial reporting was required under
the accounting principles general 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. Then,
on May 30, 2014, Bridgepoint announced that financial statements
filed for the years ended December 31, 2011 and December 31, 2012
as well as for the first three quarters of 2012 should not be
relied upon. On this news, shares of Bridgepoint declined $0.17 per
share, over 1%, to close on June 2, 2014, at $12.82 per share, on
unusually heavy volume.
"Based on the allegations in the complaint, this looks to be a
clear instance of insiders cashing in at the price of a substantial
loss for their shareholders," said Hagens Berman partner Reed
Kathrein.
If you were negatively impacted by your investment in
Bridgepoint securities between August 7, 2012 through May 30, 2014,
and would like to learn more about this lawsuit and your ability to
participate as a lead plaintiff, please contact us for your no-cost
evaluation.
Whistleblowers: Persons with non-public
information regarding Bridgepoint should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. For more information, call Reed Kathrein at
(510) 725-3000 or email BPI@hbsslaw.com.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights
class-action law firm headquartered in Seattle, Washington with
offices in nine cities. The firm represents investors,
whistleblowers, workers and consumers in complex litigation. More
about the firm and its successes can be found at www.hbsslaw.com.
Read the firm's Securities Newsletter at
http://www.hb-securities.com/newsletter. The firm's blog is located
at www.meaningfuldisclosure.com.
For the latest news from Hagens Berman, visit
http://www.hbsslaw.com/newsroom or follow us on Twitter at
@hagensberman.
CONTACT: Reed Kathrein, (510) 725-3000
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