NEW YORK, March 7, 2019 /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 firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Bridgepoint and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 7, 2019, Bridgepoint announced that it had "determined to restate the Company's previously issued unaudited condensed consolidated financial statements, and advised that those financial statements should not be relied upon, for the three and nine months ended September 30, 2018." Bridgepoint stated that the process used for recording revenue for the Full Tuition Grant program portion of its student contracts "were not designed with sufficient precision," leading to "material" accounting errors related to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses. Bridgepoint also identified weaknesses in internal controls.
On this news, Bridgepoint's stock price fell sharply during intraday trading on March 7, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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 80 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