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Stock Market & Financial Investment News

News Breaks
May 30, 2014
16:37 EDTBPIBridgepoint restates FY13 earnings results
On May 23, the management of Bridgepoint Education concluded that the company’s previously issued financial statements for the year ended December 31, 2013, as well as for the interim periods included in that fiscal year, should no longer be relied upon because of errors related to revenue recognition that resulted in material misstatements of revenue, bad debt expense and accounts receivable. Management has concluded that there are material weaknesses in internal control over financial reporting, as the company did not maintain effective controls over the selection and application of accounting principles generally accepted in the U.S. related to revenue recognition and restricted cash. The company expects its restated financial statements for the year ended December 31, 2013 included in the amended Form 10-K to differ from the amounts reported in the original filing. The restated amounts for the year ended December 31, 2013 are expected to be approximately as follows: Diluted EPS in a range of 81c-84c, as compared to 74c previously reported, and revenue in a range of $749.0M-$753.0M, as compared to $768.6M previously reported.
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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