BERKELEY, Calif., April 18, 2019 /PRNewswire/ — Hagens Berman Sobol Shapiro LLP updates and reminds investors in Bridgepoint Education Inc. (NYSE: BPI) of the pending securities class action and lead plaintiff deadline.
If you acquired BPI securities between March 8, 2016 and March 7, 2019 (the “class period”) and suffered losses over $100,000 you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. You must move the Court no later than May 10, 2019 (the “Lead Plaintiff deadline”). For more information, go to:
or contact Reed Kathrein by calling 510-725-3000 or emailing BPI@hbsslaw.com.
According to the complaint, during the class period Defendants misled investors concerning Bridgepoint’s revenue and expense recognition practices and, on March 7, 2019, they admitted (a) the Company’s consolidated financial statements for the three and nine months ended September 30, 2018 were not reliable, and (b) “the Company identified errors, relating to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses.”
This news drove the price of Bridgepoint Education shares sharply lower.
On April 2, 2019, the Company announced it would change its name to Zovio Inc. and trade on NASDAQ with a new ticker: ZVO.
“We’re focused on investors’ losses, admitted improper accounting, whether the so-called ‘errors’ were in fact ‘irregularities,’ and the extent to which Defendants may have misled investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding BPI should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email BPI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80 attorneys in 9 offices across the country. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP