Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities that purchased the securities of Bridgepoint Education, Inc. (“Bridgepoint Education” or the “Company”) (NYSE: BPI) between May 3, 2011 and July 6, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
If you purchased shares of Bridgepoint Education during the Class Period, or purchased shares prior to the Class Period and still hold Bridgepoint Education stock, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/bridgepoint-education-inc-bpi.
Bridgepoint Education, a Delaware corporation headquartered in San Diego, California, is a provider of postsecondary education services. The Company’s academic institutions include Ashford University (“Ashford”) located in Clinton, Iowa, and University of the Rockies located in Colorado Springs, Colorado, as well as online institutions. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges that defendants concealed accreditation problems with the Company’s Ashford campus. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, in May and June 2011, the Western Association of Schools and Colleges (“WASC”) and its eligibility review committee notified Ashford of several concerns, including: (a) inadequate student retention and completion, (b) insufficient student progress tracking, (c) an insufficient core of full-time faculty members, and (d) lack of an empowered and independent governing board. Thus, by the Spring of 2011, at the latest, the Company had been advised that Ashford’s future accreditation was at risk.