Summary Notice of Proposed Voluntary Dismissal of a Shareholder Derivative Action
SAN DIEGO, Sept. 9, 2016 /PRNewswire/ -- This summary notice relates to a proposed voluntary dismissal of a shareholder derivative action and is being given pursuant to an order of The United States District Court for the Southern District of California. The purpose of this summary notice and the more detailed notice available as described below is to advise shareholders of Bridgepoint Education, Inc. (NYSE: BPI) ("Bridgepoint" or the "Company") that the plaintiff James Cannon ("Plaintiff") in the action Cannon v. Clark, et al., Case No. 13-CV-2645 JM (NLS) (S.D. Cal.) (the "Action") wishes to voluntarily dismiss the case. Additional information on the Action and right to intervene can be found below and in the detailed notice, which can be found at http://ir.bridgepointeducation.com/files/doc_downloads/BPI-Notice-Exhibit-A-Updated.pdf.
On November 1, 2013, Plaintiff filed a shareholder derivative action against various officers and directors of the Company. The Action was stayed by joint motion and order of the Court pending the completion of discovery in a related federal securities action entitled In re Bridgepoint Education, Inc. Securities Litigation, 3:12-cv-01737 JM (WMC) (S.D. Cal.). The Action arises from alleged breaches of fiduciary duties by the Individual Defendants, as well as other claims, concerning statements about Bridgepoint's accreditation prospects at Ashford University, and Bridgepoint's operations, management, and internal controls. A related shareholder derivative action was also filed in the Superior Court of the State of California, San Diego County, In re Bridgepoint Education Inc. Shareholder Derivative Litigation, Lead Case No.: 37-2012-00101167-CU-BT-CTL, remains pending and will not be effected by the proposed dismissal of the Action.
Plaintiff's counsel has notified the Court that Plaintiff sold all of his Bridgepoint stock and that he no longer has the legal standing to pursue the Action on behalf of the Company because he is no longer a Bridgepoint shareholder. The Court ordered the parties to issue notice of the proposed voluntary dismissal of the Action to Bridgepoint shareholders and advise them of their right intervene in the Action. If no other Bridgepoint shareholder seeks to intervene in the Action, Plaintiff will file a motion with the Court requesting dismissal of the Action. Any motions to intervene must be filed with the Clerk of the Court no later than October 24, 2016. For further information, including on the information needed for a motion to intervene, please see the detailed notice at http://ir.bridgepointeducation.com/files/doc_downloads/BPI-Notice-Exhibit-A-Updated.pdf.
About Bridgepoint Education
Bridgepoint Education, Inc. (NYSE:BPI) harnesses the latest technology to reimagine the modern student experience. Bridgepoint owns two academic institutions – Ashford University and University of the Rockies. Together, these programs, technologies, and resources represent a unique model for advancing education in the 21st century. Bridgepoint stands for greater access, social learning, and exposure to leading minds. For more information, visit www.bridgepointeducation.com, www.facebook.com/BridgepointEducation, or call Marianne Perez, Media Relations Manager, at 858.668.2586 x11636.
Contact: Marianne Perez, Media Relations Manager
858.668.2586 x11636 · [email protected]
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SOURCE Bridgepoint Education, Inc.
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