SAN DIEGO--(BUSINESS WIRE)--Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Bridgepoint Education, Inc. (NYSE: BPI). Bridgepoint provides postsecondary education services through its subsidiary institutions, Ashford University and the University of the Rockies. The Company offers associate's, bachelor's, master's, and doctoral programs primarily in the disciplines of business, education, psychology, social sciences, and health sciences. The Company was founded in 1999 and is headquartered in San Diego, California.
If you own stock in Bridgepoint and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website.
On January 21, 2011, Bridgepoint received the results of the U.S. Department of Education's audit of the company. The audit report detailed improprieties concerning the company's compensation structure for its enrollment advisors, and its administration of Federal Student Aid Funds for the 2006-2007 award period. Then, on March 10, 2011, the U.S. Senate Health, Education, Labor, and Pensions Committee convened for a case study regarding Bridgepoint's services. Of note, the case study revealed that Bridgepoint gets 86% of its revenues directly from the federal government, but the vast majority of its students drop out, burdened with student-loan debt. Specifically, of the students who enrolled in 2008-2009, 84% in the associate degree programs and 63% in the bachelor's programs dropped out by September 2010. Robbins Umeda LLP is investigating whether the officers and directors of Bridgepoint caused the company to violate government regulations and whether they exercised appropriate oversight of Bridgepoint in accordance with their fiduciary duties.
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Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/bridgepoint-education/
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