Then, on July 13, 2012, the Company disclosed that Ashford received a letter from WASC requiring Ashford “to provide certain information and evidence of compliance with HLC accreditation standards.” On this news, Bridgepoint stock fell $3.20, or almost 25%, to close at $9.77 per share on July 13, 2012.About Lieff Cabraser Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last nine consecutive years. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the September 11, 2012 deadline to move for appointment as lead plaintiff in the securities class action against Bridgepoint Education, Inc. (“Bridgepoint” or the “Company”) (NYSE: BPI), brought on behalf of all persons who purchased the securities of Bridgepoint between May 3, 2011 and July 12, 2012, inclusive (the “Class Period”). If you purchased the securities of Bridgepoint during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 11, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. Bridgepoint shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358. The complaint alleges that, throughout the Class Period, Bridgepoint and certain of its offices and directors made materially false and/or misleading statements and/or failed to disclose that: (i) the Company failed to implement adequate plans, procedures and practices to assist students in completing their academic programs; (ii) the Company failed to align resources with educational requirements; (iii) the Company’s Ashford University failed to maintain an adequate number of faculty and programs; (iv) the Company had inadequate review procedures such that shortfalls in completion rates were not timely identified and remedied; and (v) Ashford University failed to maintain an empowered and independent governing board. On July 9, 2012, the Company disclosed that Ashford University had been denied initial accreditation by the Western Association of Schools and Colleges (“WASC”). On this news, the price of Bridgepoint common stock fell $7.25, or more than 33%, to close at $14.25 per share on July 9, 2012.