On July 26, 2012, a class action was filed against Bridgepoint Education, Inc. (Bridgepoint) (NYSE: BPI) and certain of its officers on behalf of investors alleging false statements and omissions concerning the accreditation status of Bridgepoint’s academic programs, and seeking damages for investors who purchased Bridgepoint shares between May 3, 2011 and July 12, 2012 (the Class Period).
The Firm wishes to remind shareholders who purchased BPI shares during the Class Period and suffered losses, and who may wish to serve as a lead plaintiff, that you have until September 11, 2012 to seek appointment as lead plaintiff by the Court. To discuss the case or learn more about becoming a lead plaintiff, please contact J. Elazar Fruchter at firstname.lastname@example.org, or call us toll free at 866.582.8140. A copy of the complaint filed by Wohl & Fruchter can be obtained at: http://www.wohlfruchter.com/cases/bpi.
As alleged in the class action complaint, Bridgepoint made false statements and omissions concerning the status of its accreditation application to the Western Association of Schools and Colleges (WASC) starting in May 2011 and continuing until July 2012. On July 9, 2012, Bridgepoint disclosed that WASC had denied its application for accreditation, and on July 13, 2012, disclosed that it had received a letter from its current accreditor, the Higher Learning Commission (HLC), requesting that it “provide certain information and evidence of compliance with HLC accreditation standards” in light of the denial of accreditation by WASC.
As a result of these announcements, Bridgepoint’s stock price declined over 50% from $21.50 per share to $9.77 per share.Wohl & Fruchter LLP is an experienced securities litigation firm representing plaintiffs in class actions arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.