Ryan & Maniskas, LLP ( www.rmclasslaw.com/cases/bpi) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of purchasers of Bridgepoint Education, Inc. (“Bridgepoint” or the “Company”) (NYSE: BPI) common stock during the period between May 3, 2011 and July 6, 2012 (the “Class Period”). For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/bpi. The complaint charges Bridgepoint and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Bridgepoint is a for-profit 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 during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants concealed accreditation problems with the Company’s Ashford campus. Specifically, defendants failed to disclose the following: (1) that the Company had failed to implement plans, procedures and practices to sufficiently assist students in staying with the programs they enrolled in and complete the courses; (2) that the Company failed to align resources with educational requirements such that students were not benefitting from the resources available and were therefore not progressing to an acceptable level; (3) that Ashford failed to maintain a sufficient core of faculty and programs to develop faculty, leading to poor teaching and poor completion rates by students; (4) that Bridgepoint had inadequate review procedures such that shortfalls were not quickly identified and remedied; and (4) that Ashford failed to maintain an empowered and independent governing board. The complaint alleges that in May and June 2011, the Western Association of Schools and Colleges (“WASC”) and its eligibility review committee notified Ashford of several concerns it had regarding the institution’s future accreditation. Thus, by the Spring of 2011, at the latest, the Company had been advised that Ashford’s accreditation was at risk. Then, on July 9, 2012, Bridgepoint filed a Form 8-K with the SEC disclosing that on July 5, 2012, Ashford had received an official notice denying its accreditation application by the Accrediting Commission for Senior Colleges and Universities of the WASC. On this news, Bridgepoint stock plunged $7.25 per share to close at $14.25 per share on July 9, 2012, a decline of nearly 34% on heavy trading volume.
If you are a member of the class, you may, no later than September 11, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/bpi or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com. Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.