NEW YORK, May 7, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced that only three days remain to make a motion for lead plaintiff in a class action pending on behalf of those who purchased securities of Bridgepoint Education, Inc. ("Bridgepoint" or the "Company") between March 8, 2016 and March 7, 2019 (the "Class Period"). The lawsuit, which was filed in the United States District Court for the Central District of California, seeks to recover investors' damages under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. If you wish to serve as lead plaintiff in the Bridgepoint Education class action, you must move the court no later than May 10, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery does not require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
According to the lawsuit, defendants made misleading statements with respect to the recording of revenue, the Company's internal controls, and Bridgepoint's revenue, debts, and deferred revenue.
On March 6, 2019, during aftermarket hours, Bridgepoint disclosed that the Company's previously issued financial statements for the three and nine months ended September 30, 2018 (the "Restated Periods") should no longer be relied upon. Stating that the process used for recording certain revenue was "not designed with sufficient precision[,]" Bridgepoint revealed financial errors relating to revenue, bad debt provisions, accounts receivable, and deferred revenue. The Company stated that these errors caused an overstatement of revenue and expenses for the Restated Periods. On this news, shares of Bridgepoint fell over 34%.
If you purchased Bridgepoint securities as described above, 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 Joe Seidman 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.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Central District of California.
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