NEW YORK and SAN DIEGO, March 15, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Bridgepoint Education, Inc. (“Bridgepoint” or the Company”) (NYSE: BPI) in the United States District Court for the Southern District of California on behalf of those who purchased or acquired the securities of Bridgepoint between March 8,2016 through March 7, 2019, inclusive (the “Class Period”).
Investors who purchased shares of Bridgepoint Education, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Bridgepoint Education, Inc., you may, no later than May 10, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in
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The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- Bridgepoint’s processes for recording revenue for its Corporate Full Tuition Grant program were inaccurate;
- Bridgepoint maintained deficient internal controls;
- 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
- as a result, Bridgepoint’s public statements were materially false and misleading at all relevant times.
On March 7, 2019, Bridgepoint disclosed that its previously issued financial statements for the three and nine months ended September 30, 2018 should no longer be relied upon. Bridgepoint further disclosed the “restatement primarily relates to the revenue for the Full Tuition Grant program portion of our student contracts.”
On this news, Bridgepoint’s stock price fell sharply, closing at $6.23 per share on March 7, 2019, a decline of 34%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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