July 27, 2020 - The complaint was not amended. The case was dismissed.

June 15, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

November 27, 2019 - A motion to dismiss the amended complaint was filed.

October 1, 2019 - An amended complaint was filed.

March 11, 2019 - 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 March 8, 2016 and March 7, 2019.

San Diego, CA based Bridgepoint Education, Inc., together with its subsidiaries, provides postsecondary education services in the United States. As a means of increasing enrollment, Bridgepoint Education, Inc formed various corporate partnerships with employers to offer their employees a way to pursue and complete a college degree without incurring any student debt, referred to as the Corporate Full Tuition Grant (“FTG”) program. In 2017, enrollments in the Company’s FTG program accounted for approximately 10% of its total enrollment. Bridgepoint Education, Inc. reported that its annual Total Revenue declined from $527.09 million in 2016 to $478.39 million in 2017 and that its Net Loss of $30.04 million in 2016 turned to a Net Income of $10.53 million in 2017.

On March 7, 2019, Bridgepoint Education, Inc. disclosed that its previously issued financial statements for the three and nine months ended September 30, 2018 should no longer be relied upon. Bridgepoint Education, Inc. further disclosed the “restatement primarily relates to the revenue for the Full Tuition Grant program portion of our student contracts.” Shares of Bridgepoint Education, Inc. (NYSE: BPI) declined from $10.55 per share on February 28, 2019 to as low as $5.92 per share on March 7, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Bridgepoint Education, Inc. (NYSE: BPI) common shares between March 8, 2016 and March 7, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 8, 2016 and March 7, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Bridgepoint’s processes for recording revenue for its FTG program were inaccurate, that Bridgepoint maintained deficient internal controls, that due to the foregoing deficiencies, Bridgepoint was prone to and did commit material accounting errors related to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses, and that as a result, Bridgepoint’s public statements were materially false and misleading at all relevant times.