Lawsuit Overview
March 12, 2018 - The court granted defendants' motion to dismiss with prejudice.
May 19, 2017 - Defendants filed a motion to dismiss.
April 19, 2017 - The lead plaintiff filed a third amended complaint.
April 5, 2017 - The court granted defendants' motion to dismiss without prejudice and with leave to amend.
October 24, 2016 - Defendants filed a motion to dismiss.
September 9, 2016 - The lead plaintiff filed a second amended complaint.
July 25, 2016 - The court granted defendants motion to dismiss without prejudice with leave to amend.
November 24, 2015 - Defendants filed a motion to dismiss.
September 18, 2015 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Bridgepoint Education Inc (NYSE: BPI) common shares between March 12, 2013 and May 30, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 12, 2013 and May 30, 2014.
July 15, 2015 - Lead plaintiff and lead counsel were appointed.
April 27, 2015 - Lead plaintiff motion was filed.
February 24, 2015 - An investor in shares of Bridgepoint Education Inc (NYSE: BPI) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Bridgepoint Education Inc in connection with certain allegedly false and misleading statements made between August 7, 2012 and May 30, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of Bridgepoint Education Inc (NYSE: BPI) common shares between August 7, 2012 and May 30, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 7, 2012 and May 30, 2014 defendants made allegedly false and/or misleading statements and/or failed to disclose to investors that Bridgepoint Education Inc had applied an improper revenue recognition methodology to assess collectability of funds owed by students, that as a result, Bridgepoint Education Inc’s revenues and financial results were overstated, that Bridgepoint Education Inc’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP), that Bridgepoint Education Inc lacked adequate internal and financial controls, and that as a result of the foregoing, Bridgepoint Education Inc's financial statements were materially false and misleading at all relevant times.
On May 7, 2014, Bridgepoint Education Inc announced that it has re-scheduled the release of its first quarter 2014 financial results to before market open on Monday, May 12, 2014, to coincide with the planned filing date of its Quarterly Report on Form 10-Q.
On May 12 2014 Bridgepoint Education Inc reported its preliminary first quarter 2014 results. Bridgepoint Education Inc said that it has determined it will be unable to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 by the filing deadline of May 12, 2014. Among other things, Bridgepoint Education Inc also said that its first quarter revenue in 2014 was $160.5 million, compared to $221.98 million in the first quarter in 2013 and that in 2014 it had a first quarter Net Loss of $4.4 million, compared to a first quarter Net Income of $26.97 million in 2013.
On May 30, 2014, Bridgepoint Education Inc disclosed in a filing with the SEC that on May 23, 2014, the management of Bridgepoint Education Inc concluded that Bridgepoint Education Inc’s previously issued financial statements for the year ended December 31, 2013, as well as for the interim periods included in that fiscal year, should no longer be relied upon because of errors related to revenue recognition that resulted in material misstatements of revenue, bad debt expense and accounts receivable.
Shares of Bridgepoint Education Inc (NYSE: BPI) declined from almost $20 per share in late February 2014 to as low as $12.67 per share on June 2, 2014.
NYSE: BPI shares continued to decline to as low as $9.23 per share in late January 2015.
On February 24, 2015, NYSE: BPI shares closed at $10.27 per share.