Bridgepoint (BPI) Restatement Investigation: Bernstein Liebhard LLP Announces Investigation of Bridgepoint Education, Inc. - BPI
NEW YORK, March 07, 2019 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Bridgepoint Education, Inc. (“Bridgepoint” or the “Company”) (NYSE: BPI) resulting from allegations that Bridgepoint and/or its executives may have issued materially misleading business information to the investing public.
If you purchased Bridgepoint securities, and/or would like to discuss your legal rights and options, please visit Bridgepoint Shareholder Investigation or contact Daniel Sadeh toll free at (877) 779-1414 or email@example.com.
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 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 Daniel Sadeh toll free at (877) 779-1414 or firstname.lastname@example.org.
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.
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