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Stock Market & Financial Investment News

News Breaks
January 25, 2013
16:42 EDTBPIBridgepoint Education announces DoJ declines to intervene in qui tam complaint
Bridgepoint Education disclosed in a regulatory filing that on January 24 the company received notice that the United States Department of Justice, Civil Division has declined to intervene in a qui tam complaint filed by private relators under the Federal False Claims Act on July 2, 2010, unsealed on January 2 and served on the company on January 22. The qui tam complaint alleges, among other things, that since March 2005, Bridgepoint and Ashford University have violated the Federal False Claims Act by falsely certifying to the United States Department of Education that Ashford University was in compliance with federal rules regarding the payment of incentive compensation to enrollment personnel in connection with the institution's participation in student financial aid programs. We are currently evaluating the complaint and intend to vigorously defend against the allegations set forth in the complaint.
News For BPI From The Last 14 Days
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January 15, 2015
14:45 EDTBPIFor-profit education names slip after Wells says search data negative
Shares of a number of for-profit education companies are falling after Wells Fargo wrote that Google search trends do not bode well for the sector. WHAT'S NEW: Google search trends for the fourth quarter indicate that students' interest in for-profit education companies probably did not increase significantly during that period, Wells Fargo analyst Trace Urdan wrote in a note to investors today. The data indicates that new student enrollment at the schools could even come in below already pessimistic expectations, Urdan reported. The analyst found that searches for terms related to for-profit schools dropped in Q4, versus the same period a year earlier. Moreover, there were many more searches in Q4 for non-profit schools than for-profit colleges, Urdan stated. Sentiment towards for-profit education names is already "quite weak" after President Obama on January 9 proposed allowing all Americans to attend community college at no cost and Apollo Education (APOL) on January 8 provided lower than expected Q2 revenue guidance, Urdan stated. As a result, investors may already be expecting schools in the sector to report weak enrollment data, Urdan believes. However, the search data for Strayer (STRA) is "more negative than positive," even though expectations for the company appear to be elevated, the analyst reported. On a positive note, search results for Capella Education (CPLA), Grand Canyon (LOPE), and DeVry's (DV) Chamberlain looked better than average, Urdan reported, adding that investors' expectations towards those names are relatively upbeat. PRICE ACTION: In mid-afternoon trading, Strayer fell 1% to $68, ITT Educational fell 3.6% to $8.37, Bridgepoint Educational (BPI) tumbled 4.5% to $10.10, American Public (APEI) slid 2.25% to $33.89, and Grand Canyon gave back 2% to $43.

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