INVESTOR ALERT: Law Offices of Howard G. Smith Announces Investigation on Behalf of Bridgepoint Education, Inc. Investors
BENSALEM, Pa., March 13, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces an investigation on behalf of Bridgepoint Education, Inc. investors (“Bridgepoint” or the “Company”) (NYSE: BPI ) concerning the Company and its officers’ possible violations of federal securities laws.
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, shares of Bridgepoint fell $3.21, or 34%, to close at $6.22 on March 7, 2019, thereby injuring investors.
If you purchased Bridgepoint securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.