NEW YORK, April 11, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is reminding investors of a federal class action lawsuit against Bridgepoint Education, Inc. ("Bridgepoint" or the "Company") (NYSE: BPI) and certain of its officers (collectively, "Defendants"), and the May 10, 2019 deadline to move for lead plaintiff.
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, filed in the United States District Court for the Southern District of California, 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 certain financial statements should not be relied upon because 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 jpettigrew@scott-scott.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.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, NY, NY 10169
(844) 818-6982
jpettigrew@scott-scott.com
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SOURCE Scott+Scott Attorneys at Law LLP
