Bridgepoint Education Inc. (NYSE: BPI)

DEFENDANT NAME: Bridgepoint Education Inc.
STOCK SYMBOL: NYSE: BPI
CASE NUMBER:
CASE NAME:
COURT: U.S. District Court for the Southern District of California
PRACTICE AREA: Investor Fraud
STATUS: Investigation
CLASS PERIOD: Mar. 8, 2016 and Mar. 7, 2019
LEAD PLAINTIFF DEADLINE: May 10, 2019
DATE FILED:
COURT LOCATION:
RELATED DOCUMENTS:
CONTACT:
510-725-3000 BPI@hbsslaw.com

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Hagens Berman Sobol Shapiro LLP updates and reminds investors in Bridgepoint Education Inc. (NYSE: BPI) of the May 10, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Southern District of California.

If you purchased or otherwise acquired securities of BPI securities between March 8, 2016 and March 7, 2019 and suffered losses contact Hagens Berman Sobol Shapiro LLP.  For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing BPI@hbsslaw.com.

According to the complaint, during the class period Defendants misled investors concerning Bridgepoint’s revenue and expense recognition practices and, on March 7, 2019, they admitted (a) the Company’s consolidated financial statements for the three and nine months ended September 30, 2018 were not reliable, and (b) “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.”

This news drove the price of Bridgepoint Education shares sharply lower.

On April 2, 2019, the Company announced it would change its name to Zovio Inc. and trade on NASDAQ with a new ticker:  ZVO.

“We’re focused on investors’ losses, admitted improper accounting, whether the so-called “errors” were in fact “irregularities,” and the extent to which Defendants may have misled investors,” said Hagens Berman partner Reed Kathrein.


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03/07/19: Investigation