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BOSTON, March 12, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that there has been a class action lawsuit filed against Bridgepoint Education, Inc. (“Bridgepoint” or the “Company”) (NYSE: BPI) and certain of its officers alleging violations of the federal securities laws. Shareholders are encouraged to contact Block & Leviton LLP to learn more.
The complaint, filed in the United States District Court, Southern District of California, alleges that: (i) Bridgepoint's processes for recording revenue for its FTG program were inaccurate; (ii) Bridgepoint maintained deficient internal controls; (iii) 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 (iv) as a result, Bridgepoint's public statements were materially false and misleading at all relevant times.
The lawsuit stems from Bridgepoint’s March 7th, 2019 disclosure that the Company’s previously issued financial statements for the three and nine months ended September 30, 2018, should no longer be relied upon. Bridgepoint also disclosed two material weaknesses in internal control over financial reporting.
Following this disclosure, Bridgepoint's stock price plummeted by $3.21 per share, or over 34%, to close at $6.22 per share on March 7, 2019.
If you have purchased or otherwise acquired Bridgepoint securities between March 8, 2016, and March 7, 2019, and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact Attorney Dan DeMaria at (888) 868-2385, by email at firstname.lastname@example.org, or by visiting http://shareholder.law/cases/?case=bridgepoint. Additionally, those interested in serving as lead Plaintiff must apply do so before the May 10, 2019, lead plaintiff deadline.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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SOURCE Block & Leviton LLP