SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Bridgepoint Edu...
April 01 2015 - 3:36PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of California on behalf of purchasers of Bridgepoint
Education, Inc. (“Bridgepoint” or the “Company”) (NYSE: BPI)
securities during the period between August 7, 2012 and May 30,
2014, inclusive (the “Class Period”). Investors who wish to become
proactively involved in the litigation have until April 27, 2015 to
seek appointment as lead plaintiff.
If you have suffered a loss from investment in Bridgepoint
securities purchased on or after August 7, 2012 and held through
the revelation of negative information during and/or at the end of
the Class Period, as described below, and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Company securities during the Class Period. Brower
Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company had
applied an improper revenue recognition methodology to assess
collectability of funds owed by students such that the Company’s
revenues and financial results were overstated. According to the
complaint, following the Company’s May 12 announcement that the SEC
informed the Company that a reassessment is required under
accounting principles generally accepted in the United States upon
certain changes in circumstances, such as when a student loses
financial aid eligibility, and following the Company’s May 30, 2014
announcement 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 because they contained errors related to revenue
recognition that resulted in material misstatements of revenue, bad
debt expense and accounts receivable, the value of Bridgepoint
shares declined significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
Brower Piven, A Professional CorporationCharles J. Piven1925 Old
Valley RoadStevenson, Maryland 21153Telephone:
410-415-6616hoffman@browerpiven.com
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