NEW YORK, May 13, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Bridgepoint Education, Inc. ("Bridgepoint" or the "Company")(NYSE: BPI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 237.
The investigation concerns whether Bridgepoint and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 12, 2014, Company issued a press release announcing that, "on May 2, 2014, the SEC informed the Company that a reassessment is required under accounting principles generally accepted in the United States upon certain changes in circumstances, such as when a student loses financial aid eligibility. Based on the Company's internal analysis to date, management has preliminarily estimated that application of a student-by-student reassessment during the quarter ended March 31, 2014 resulted in decreases in revenue and bad debt expense of $0.7 million and $0.2 million, respectively."
On this news, shares of Bridgepoint fell $1.41 per share to $14.51, or more than 8.85%, in intraday trading on May 12, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP