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News Breaks
January 2, 2013
09:04 EDTBPIBridgepoint Education says DOJ declines to intervene in 'qui tam' complaint
Bridgepoint Education (BPI) disclosed in a regulatory filing after the close on Monday that the United States Department of Justice has declined to intervene in a previously disclosed "qui tam" complaint unsealed on December 26. A qui tam action is a lawsuit brought by a private citizen, or "whistle blower," on behalf of the government against a company believed to have violated the law in the performance of a government contract or in violation of a government regulation. The qui tam complaint against Bridgepoint alleges, among other things, that since March 10, 2005, Bridgepoint has caused its institutions, Ashford University and University of the Rockies, to violate the Federal False Claims Act by falsely certifying to the U.S. Department of Education that the institutions were in compliance with various regulations that require compliance with federal rules regarding the payment of incentive compensation to enrollment personnel in connection with the institutions' participation in student financial aid programs. The company stated, "We are currently evaluating the complaint and intend to vigorously defend against the allegations set forth in the complaint once it is served."
News For BPI From The Last 14 Days
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January 27, 2016
12:28 EDTBPIFor-profit education names fall after FTC sues DeVry over marketing
DeVry Education (DV) and its peers in the for-profit education space are falling after the Federal Trade Commission filed suit against the company, alleging that DeVry's advertisements "deceived" consumers about the likelihood of finding jobs in their chosen fields of study and earning more than graduates from other universities. In a related action, the Department of Education is also moving against the company for those same practices, requiring it to stop the allegedly deceptive advertisements and take steps to ensure it can verify the truthfulness of its post-graduation employment outcomes, including hiring an independent auditor and informing students of its "unsubstantiated" statistics. The Department's action comes after its investigation of DeVry found the postgraduation employment claims "have not been substantiated to the extent required by law." PRICE ACTION: Shares of DeVry crashed 13.5% to $20.54 following the news, while Apollo Education (APOL), ITT Educational (ESI) and Strayer Education (STRA) each slid over 2% and Bridgepoint (BPI) fell 1%.
12:07 EDTBPIDeVry sinks 19% after FTC brings enforcement action
Peers Apollo Education (APOL), Strayer (STRA), Grand Canyon (LOPE) and Bridgepoint Education (BPI) are also moving lower.

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