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Case Status:    SETTLED
On or around 04/27/2016 (Date of order of final judgment)

Filing Date: July 17, 2012

According to the law firm press release, Bridgepoint is a regionally accredited provider of postsecondary education services. The Complaint alleges that throughout the Class Period, Defendants 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 the academic programs in which they had enrolled; (ii) the Company failed to align resources with educational requirements, hampering its students' ability to progress to acceptable levels; (iii) the Company's Ashford University failed to maintain an adequate number of faculty and programs, resulting in poor instruction and low completion rates by students; (iv) the Company had inadequate review procedures such that shortfalls in completion rates were not timely identified and remedied; (v) the Company's Ashford University failed to maintain an empowered and independent governing board; and (vi) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On July 9, 2012, the Company disclosed that one of its schools, Ashford University was denied initial accreditation by the Accrediting Commission for Senior Colleges and Universities of the Western Association of Schools and Colleges, as it failed to demonstrate "substantial compliance with certain of the WASC Standards for Accreditation."

On this news, Bridgepoint securities fell $7.25 per share or more than 33%, to close at $14.25 per share on July 9, 2012.

On July 13, 2012, the Company disclosed that Ashford received a letter from the Higher Learning Commission of the North Central Association of Schools and Colleges requiring Ashford "to provide certain information and evidence of compliance with HLC accreditation standards."

On this news, Bridgepoint stock declined an additional $3.20 per share or nearly 25%, to close at $9.77 per share on July 13, 2012.

On October 22, 2012, the Court issued an order granting consolidation of cases and appointed Robbins Geller Rudman & Dowd LLP as lead counsel.

The parties entered into a Stipulation of Settlement on October 30, 2015. This Settlement was preliminarily approved by the Court on December 14. On April 27, 2016, the Court granted final approval of the Settlement and dismissed this case with prejudice.

COMPANY INFORMATION:

Sector: Services
Industry: Schools
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: BPI
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

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COURT: S.D. California
DOCKET #: 12-CV-01759
JUDGE: Hon. Larry Alan Burns
DATE FILED: 07/17/2012
CLASS PERIOD START: 05/03/2011
CLASS PERIOD END: 07/12/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 12-CV-01737
JUDGE: Hon. Larry Alan Burns
DATE FILED: 12/21/2012
CLASS PERIOD START: 05/03/2011
CLASS PERIOD END: 07/13/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Robert M. Cheverie & Associates
    Commerce Center One, 333 E. River Drive, Suite 101, Robert M. Cheverie & Associates, CT 06108
    860.290.9610 860.290.9610 ·
No Document Title Filing Date