NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A., a global investor rights firm, announces that a class action lawsuit has been filed on behalf of investors who purchased the American Depository Shares of Bridgepoint Education, Inc. (NYSE:BPI) between August 7, 2012 and May 30, 2014. The lawsuit seeks to recover investors’ losses under the federal securities laws.
To join the Bridgepoint class action, visit the firm’s website at http://www.rosenlegal.com/cases-516.html, or contact Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, the Company made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company had applied an improper revenue recognition methodology to assess collectability of funds owed by students; (2) as a result, the Company’s revenues and financial results were overstated; (3) the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles (GAAP); (4) the Company lacked adequate internal and financial controls; and (5), as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On May 12, 2014, the Company announced that it was not able to timely file its Quarterly Report because they had been informed by the SEC that a reassessment of its revenue recognition policy was necessary. The SEC was requiring the Company to reassess whether collectability was reasonably assured on a student-by-student basis. After the market learned of this adverse new, shares of Bridgepoint dropped 9% on May 12, 2014, to close at $14.51 per share. Additionally, the Company announced on May 30, 2014, that its financial statements 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.
If you wish to serve as lead plaintiff, you must move the Court no later than April 27, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation go to http://www.rosenlegal.com/cases-516.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.