NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a federal class action lawsuit has been filed against Bridgepoint Education, Inc. (“Bridgepoint” or the “Company”) (NYSE:BPI) and certain of its officers (collectively, “Defendants”), related to violations of federal securities laws. If you purchased Bridgepoint common stock between March 8, 2016 and March 7, 2019, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Bridgepoint provides postsecondary education services in the U.S., offering primarily online, associate’s, bachelor’s, master’s and doctoral degree programs in business, education, psychology, social sciences and health services.
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Bridgepoint’s processes for recording revenue for its FTG program were inaccurate; (ii) Bridgepoint maintained deficient internal controls; (iii) 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 (iv) as a result, Bridgepoint’s public statements were materially false and misleading at all relevant times.
On March 7, 2019, Bridgepoint announced that it had “determined to restate the Company’s previously issued unaudited condensed consolidated financial statements, and advised that those financial statements should not be relied upon, for the three and nine months ended September 30, 2018.” More specifically, Bridgepoint stated that the processes used for recording revenue for the FTG program portion of its student contracts “were not designed with sufficient precision,” leading to “material” accounting errors related to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses.
Following this news, Bridgepoint’s stock price fell approximately $3.21 per share, or over 34%, to close at $6.22 per share on March 7, 2019.
What You Can Do
If you purchased Bridgepoint stock between March 8, 2016 and March 7, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at email@example.com. The lead plaintiff deadline is May 10, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.