Bridgepoint Education, Inc. (NYSE: BPI) Investor Securities Class Action Lawsuit 03/11/2019

If you purchased a significant amount of shares of Bridgepoint Education, Inc. (NYSE: BPI) between March 8, 2016 and March 7, 2019, and / or if you purchased any NYSE: BPI shares prior to March 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 10, 2019. NYSE: BPI investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Bridgepoint Education
Case Name: 
Bridgepoint Education Shareholder Class Action Lawsuit 03/11/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: BPI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/11/2019
Class Period Begin: 
03/08/2016
Class Period End: 
03/07/2019
Court of Filing: 
U.S. District Court for the Southern District of California
Deadline To File for Lead: 
05/10/2019
Summary: 

An investor in shares of Bridgepoint Education, Inc. (NYSE: BPI) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Bridgepoint Education, Inc. in connection with certain allegedly false and misleading statements made between March 8, 2016 and March 7, 2019.

San Diego, CA based Bridgepoint Education, Inc., together with its subsidiaries, provides postsecondary education services in the United States. As a means of increasing enrollment, Bridgepoint Education, Inc formed various corporate partnerships with employers to offer their employees a way to pursue and complete a college degree without incurring any student debt, referred to as the Corporate Full Tuition Grant (“FTG”) program. In 2017, enrollments in the Company’s FTG program accounted for approximately 10% of its total enrollment. Bridgepoint Education, Inc. reported that its annual Total Revenue declined from $527.09 million in 2016 to $478.39 million in 2017 and that its Net Loss of $30.04 million in 2016 turned to a Net Income of $10.53 million in 2017.

On March 7, 2019, Bridgepoint Education, Inc. disclosed that its previously issued financial statements for the three and nine months ended September 30, 2018 should no longer be relied upon. Bridgepoint Education, Inc. further disclosed the “restatement primarily relates to the revenue for the Full Tuition Grant program portion of our student contracts.”

Shares of Bridgepoint Education, Inc. (NYSE: BPI) declined from $10.55 per share on February 28, 2019 to as low as $5.92 per share on March 7, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Bridgepoint Education, Inc. (NYSE: BPI) common shares between March 8, 2016 and March 7, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 8, 2016 and March 7, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Bridgepoint’s processes for recording revenue for its FTG program were inaccurate, that Bridgepoint maintained deficient internal controls, that 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 that as a result, Bridgepoint’s public statements were materially false and misleading at all relevant times.