NEW YORK, April 16, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announced that less than three weeks remain to apply to be lead
plaintiff in a securities fraud litigation on behalf of
shareholders of Bridgepoint Education, Inc. ("Bridgepoint" or
the "Company") (NYSE: BPI) who purchased Bridgepoint securities
between March 8, 2016 and
March 7, 2019 ("Class Period"). The
lawsuit, filed in the United States District Court for
the Central District of California, seeks to recover investors'
damages under Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934 and SEC Rule 10b-5.
According to the lawsuit, the complaint claims that the
defendants made false and/or misleading statements and/or omitted
disclosing information with respect to (1) processes related to the
recording of revenue (which were inaccurate), (2) inadequate
internal controls, (3) material accounting mistakes related to
revenue, debts, and deferred revenue; and, as a result (4),
Bridgepoint produced public statements that were materially false
and misleading.
On March 6, 2019, during
aftermarket hours, Bridgepoint disclosed that "the Company's
previously issued unaudited condensed consolidated financial
statements for the three and nine months ended September 30, 2018 (the "Restated Periods"),
should no longer be relied upon because of errors. Additionally,
the Company's earnings and press releases and similar
communications to the extent that they relate to our financial
statements for the Restated Periods should no longer be relied
upon." The Company further disclosed that "the Company determined
that the process used for recording the revenue for the Full
Tuition Grant program portion of our student contracts and the
related judgments and estimates were not designed with sufficient
precision. As a result, the Company identified errors, relating to
revenue, provision for bad debts, accounts receivable and deferred
revenue, which resulted in the overstatement of revenue and
expenses for the Restated Periods. The errors described above were
material to the Restated Periods..."
On this news, shares of Bridgepoint fell $3.21 per share, or over 34%, from its previous
closing price to close at $6.22 per
share on March 7, 2019.
If you wish to serve as lead plaintiff in the Bridgepoint class
action, you must move the court no later than May 6, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you take no action, you may remain an absent class member.
If you purchased Bridgepoint securities, and/or would like to
discuss your legal rights and options, please
visit https://www.bernlieb.com/cases/bridgepoint-education-inc-bpi-lawsuit-class-action-fraud-stock-116/
or contact Joe Seidman toll free at
(877) 779-1414 or seidman@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
You can obtain a copy of the complaint from the clerk of the
court for the United States
District Court for the Central District of California.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joe Seidman
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
seidman@bernlieb.com
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SOURCE Bernstein Liebhard LLP
