Bridgepoint Education, Inc. Securities Litigation Settlement
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Welcome to the Bridgepoint Education, Inc. Securities Litigation Settlement Website

This website has been established to provide general information regarding the proposed Settlement of the consolidated action entitled In re Bridgepoint Education, Inc. ("Bridgepoint") Litigation, No. 3:12-cv-01737-JM-JLB, pending before the United States District Court, Southern District of California (the "Action"). The capitalized terms used on this website and not defined herein shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement dated October 30, 2015, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or acquired Bridgepoint common stock during the period from May 3, 2011, through and including July 13, 2012.

On December 21, 2012, Lead Plaintiffs filed the Consolidated Complaint for Violation of the Federal Securities Laws alleging violations of §§10(b), 20(a), and 20A of the Securities Exchange Act of 1934 (the “Complaint”). Lead Plaintiffs alleged that during the Class Period, Defendants made materially false and misleading statements regarding Ashford University’s (“Ashford”) prospects for achieving initial accreditation from Western Association of Schools and Colleges, Ashford’s student persistence and initiatives, Ashford’s hiring of additional full-time faculty, and the quality and academic rigor of Ashford’s courses. Lead Plaintiffs also alleged that Defendants made false and misleading financial projections and that the Individual Defendants transacted in Bridgepoint common stock in violation of §20A of the Exchange Act. Lead Plaintiffs further alleged that Defendants’ materially false and misleading statements artificially inflated the price of Bridgepoint common stock and that when the truth was eventually disclosed the Class suffered substantial damages.

On February 19, 2013, the Defendants moved to dismiss the Complaint. On September 13, 2013, the Court issued an order granting in part and denying in part Defendants’ motion to dismiss. The Court denied Defendants’ motion to dismiss with respect to Defendants’ statements regarding Ashford’s student persistence and retention, and initiatives to improve student persistence and retention. The Court dismissed Lead Plaintiffs’ §20A claims. Thereafter, Defendants filed an answer denying all material allegations in the Complaint and asserting defenses thereto.

On August 6, 2014, Lead Plaintiffs filed a motion for class certification, which the Court granted on January 15, 2015, appointing Lead Plaintiffs as class representatives.

A settlement has been reached in the Action between Lead Plaintiffs and Defendants, the terms and conditions of which are set forth in the Stipulation. The Settlement Fund consists of Fifteen Million Five Hundred Thousand Dollars ($15,500,000.00) in cash, plus any interest earned thereon. A portion of the settlement proceeds will be used to pay attorneys’ fees and expenses to Plaintiffs’ Counsel and Lead Plaintiffs’ expenses, Class Notice and Administration Expenses, and Taxes and Tax Expenses. The balance of the Settlement Fund will be distributed, in accordance with the Plan of Allocation, to Class Members who submit valid and timely Proofs of Claim.

The Court appointed the law firm of Robbins Geller Rudman & Dowd, LLP to represent you and other Class Members. These lawyers are called Lead Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

Although the information in this website is intended to assist you, it does not replace the information contained in the Notice of Pendency and Proposed Settlement of Class Action ("Notice") and Stipulation and Agreement of Settlement, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM FORM You may submit a Proof of Claim and Release ("Proof of Claim"). If you choose this option, you will share in the proceeds of the proposed Settlement if your claim is timely, valid, and entitled to a distribution under the Plan of Allocation described in the Notice and if the proposed Settlement is finally approved by the Court; and you will be bound by the Judgment and release to be entered by the Court as described in the Notice.
EXCLUDE YOURSELF If you timely and validly request exclusion from the Class pursuant to the Notice and you do nothing further: (a) you are excluded from the Class; (b) you are not entitled to share in the proceeds of the Settlement described in the Notice; (c) you are not bound by any judgment entered in the Action; and (d) you are not precluded, by reason of your decision to request exclusion from the Class, from otherwise prosecuting an individual claim, if timely, against Defendants based on the matters complained of in the Action.
OBJECT You may object to the Settlement, the Plan of Allocation, and/or the application for attorneys’ fees and expenses in the manner described in Section XIX of the Notice.
GO TO A HEARING If you are a Class Member, you may, but are not required to, enter an appearance through counsel of your own choosing and at your own expense, provided that such counsel must file an appearance on your behalf with the Court on or before February 17, 2016, and must serve copies of such appearance on the attorneys listed in Section XIX in the Notice. If you do not enter an appearance through counsel of your own choosing, you will be represented by Lead Counsel: Robbins Geller Rudman & Dowd LLP, Jonah H. Goldstein, 655 West Broadway, Suite 1900, San Diego, CA 92101.
DO NOTHING You may do nothing at all. If you choose this option, you will not share in the proceeds of the Settlement, but you will be bound by any judgment entered by the Court, and you shall be deemed to have, and by operation of the Judgment shall have, fully released all of the Released Claims against the Released Persons.

DEADLINES

Submit a Claim Form: April 27, 2016
Request Exclusion: February 17. 2016
File an Objection: February 17. 2016
Court Hearing on Fairness of Settlement: April 25, 2016 at 10:00 a.m.