NEW YORK, July 20, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Bridgepoint Education, Inc. ("Bridgepoint" or the "Company") (NYSE: BPI).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company had failed to implement plans, procedures and practices to sufficiently assist students in staying with the programs they enrolled in and complete the courses; (2) the Company failed to align resources with educational requirements such that students were not benefitting from the resources available and were therefore not progressing to an acceptable level; (3) the Company's Ashford campus failed to maintain a sufficient core of faculty and programs to develop faculty, leading to poor teaching and poor completion rates by students; (4) Bridgepoint had inadequate review procedures such that shortfalls were not quickly identified and remedied; and (5) Ashford failed to maintain an empowered and independent governing board.
In May and June 2011, the Western Association of Schools and Colleges ("WASC") and its eligibility review committee notified Bridgepoint's Ashford campus of its concerns regarding the institution's future accreditation. Then, on July 9, 2012, Bridgepoint filed a Form 8-K with the SEC disclosing that on July 5, 2012, Ashford had received an official notice rejecting its accreditation application by the WASC. On this news, Bridgepoint stock plunged $7.25 per share to close at $14.25 per share on July 9, 2012, a decline of nearly 34%.
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If you purchased Bridgepoint securities between May 3, 2011 and July 6, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/BPI. You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org, email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Bridgepoint's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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