Cases
Bridgepoint Education, Inc. (BPI)
Securities Class Action
Overview
Overview
- Date:
- 3/8/2019
- Company Name:
- Bridgepoint Education, Inc.
- Stock Symbol:
- BPI
- Status:
- Closed/Complete
NEW YORK, March 8, 2019 – Bragar Eagel & Squire, P.C. is investigating potential claims against Bridgepoint Education, Inc. (NYSE: BPI). Our investigation concerns whether Bridgepoint has violated the federal securities laws and/or engaged in other unlawful business practices.
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.” Bridgepoint stated that the process used for recording revenue for the Full Tuition Grant 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. Bridgepoint also identified weaknesses in internal controls.
On this news, Bridgepoint’s share price fell by more than 34%, closing at $6.22 on March 7, 2019.
If you purchased or otherwise acquired Bridgepoint shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
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.” Bridgepoint stated that the process used for recording revenue for the Full Tuition Grant 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. Bridgepoint also identified weaknesses in internal controls.
On this news, Bridgepoint’s share price fell by more than 34%, closing at $6.22 on March 7, 2019.
If you purchased or otherwise acquired Bridgepoint shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.