WAYNE, Pa., Feb. 27, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of California on behalf of all persons or entities that purchased the common stock of Bridgepoint Education ("Bridgepoint" or the "Company") (NYSE: BPI) between August 7, 2012 and May 30, 2014, inclusive (the "Class Period").

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Bridgepoint Education shareholders may, no later than April 27, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Bridgepoint and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/bpi.

Bridgepoint is a for-profit provider of postsecondary education services. The Company's academic institutions include Ashford University and University of the Rockies, as well as online institutions. The Company's institutions deliver programs primarily online, as well as at their traditional campuses. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose to investors that (1) the Company had applied an improper revenue recognition methodology to assess collectability of funds owed by students; (2) as a result, the Company's revenues and financial results were overstated; (3) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) the Company lacked adequate internal and financial controls; and (5), as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On May 12, 2014, Bridgepoint revealed that it was unable to timely file its Quarterly Report for the 2014 fiscal first quarter because the Securities and Exchange Commission ("SEC") had informed the Company that a reassessment of its revenue recognition policy was necessary. According to the Company, the SEC was requiring Bridgepoint to reassess whether collectability was reasonably assured on a student-by-student basis when recognizing revenue after a student's initial enrollment upon certain changes in circumstances, such as when a student loses financial aid eligibility. Following this news, shares of Bridgepoint declined nearly 9%, to close on May 12, 2014, at $14.51 per share, on unusually heavy volume.

Furthermore, on May 30, 2014, Bridgepoint announced that its financial statements filed with the SEC for the years ended December 31, 2011 and December 31, 2012, as well as the financial statements issued for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, should no longer be relied upon. According to the Company, these financial statements contained errors related to revenue recognition that resulted in material misstatements of revenue, bad debt expense and accounts receivable.

If you are a member of the class, you may, no later than April 27, 2015, 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.

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.

CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
877-316-3218
rmaniskas@rmclasslaw.com
www.rmclasslaw.com/cases/bpi

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SOURCE Ryan & Maniskas, LLP