SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Bridgepoint Edu...
April 20 2015 - 03:53PM
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.
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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