SAN DIEGO, March 17, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Bridgepoint Education Inc (NYSE:BPI) over alleged Federal Securities Laws Violations by Bridgepoint Education.
Investors, who purchased shares Bridgepoint Education Inc (NYSE:BPI) in 2012 or earlier and continue to hold any of those (NYSE:BPI) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
The plaintiff alleges that between August 7, 2012 and May 30, 2014 defendants made allegedly false and/or misleading statements and/or failed to disclose to investors that Bridgepoint Education Inc had applied an improper revenue recognition methodology to assess collectability of funds owed by students, that as a result, Bridgepoint Education's revenues and financial results were overstated, that Bridgepoint Education's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), that Bridgepoint Education Inc lacked adequate internal and financial controls, and that as a result of the foregoing, Bridgepoint Education's financial statements were materially false and misleading at all relevant times.
On May 30, 2014, Bridgepoint Education Inc disclosed in a filing with the SEC that on May 23, 2014, the management of Bridgepoint Education, Inc. concluded that Bridgepoint Education Inc's previously issued financial statements for the year ended December 31, 2013, as well as for the interim periods included in that fiscal year, should no longer be relied upon because of errors related to revenue recognition that resulted in material misstatements of revenue, bad debt expense and accounts receivable.
Shares of Bridgepoint Education Inc (NYSE:BPI) declined from almost $20 per share in late February 2014 to as low as $8.96 per share on March 11, 2015.
Those who purchased shares of Bridgepoint Education Inc (NYSE:BPI) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.