Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Bridgepoint Education, Inc.
BENSALEM, Pa., May 09, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming May 10, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Bridgepoint Education, Inc. (“Bridgepoint” or the “Company”) (NYSE: BPI ) securities between March 8, 2016 and March 7, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Bridgepoint investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) Bridgepoint’s processes for recording revenue for its FTG program were inaccurate; (2) Bridgepoint maintained deficient internal controls; (3) 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 (4) as a result, Bridgepoint’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Bridgepoint during the Class Period you may move the Court no later than May 10, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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.
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