SAN DIEGO--(BUSINESS WIRE)--The header above the third paragraph should read: Bridgepoint Education, Inc. (BPI) Misstated Financial Statements (instead of: Bridgepoint Indicted for Conspiring to Steal Trade Secrets).
The corrected release reads:
ROBBINS ARROYO LLP: BRIDGEPOINT EDUCATION, INC. (BPI) SUED FOR MISLEADING SHAREHOLDERS
Shareholder rights law firm Robbins Arroyo LLP announces that shareholders of Bridgepoint Education, Inc. (NYSE: BPI) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between March 8, 2016 and March 7, 2019. Bridgepoint provides post-secondary education services in the United States.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/bridgepoint-education-mar-19/
Bridgepoint Education, Inc. (BPI) Misstated Financial Statements
According to the complaint, on March 7, 2019, Bridgepoint announced that it had "determined to reinstate 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." 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. The company also identified material weaknesses in controls. On this news, Bridgepoint's stock declined over 34% per share, to close at $6.22 per share on March 7, 2019.
Bridgepoint Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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