SAN DIEGO, Sept. 9, 2016 /PRNewswire/ -- This summary
notice relates to a proposed voluntary dismissal of a shareholder
derivative action and is being given pursuant to an order of The
United States District Court for the Southern District of
California. The purpose of this summary notice and the more
detailed notice available as described below is to advise
shareholders of Bridgepoint Education, Inc. (NYSE: BPI)
("Bridgepoint" or the "Company") that the plaintiff James Cannon ("Plaintiff") in the action Cannon
v. Clark, et al., Case No. 13-CV-2645 JM (NLS) (S.D. Cal.) (the "Action") wishes to voluntarily
dismiss the case. Additional information on the Action and
right to intervene can be found below and in the detailed notice,
which can be found at
http://ir.bridgepointeducation.com/files/doc_downloads/BPI-Notice-Exhibit-A-Updated.pdf.
On November 1, 2013, Plaintiff
filed a shareholder derivative action against various officers and
directors of the Company. The Action was stayed by joint motion and
order of the Court pending the completion of discovery in a related
federal securities action entitled In re Bridgepoint Education,
Inc. Securities Litigation, 3:12-cv-01737 JM (WMC) (S.D. Cal.). The Action arises from alleged
breaches of fiduciary duties by the Individual Defendants, as well
as other claims, concerning statements about Bridgepoint's
accreditation prospects at Ashford
University, and Bridgepoint's operations, management, and
internal controls. A related shareholder derivative action
was also filed in the Superior Court of the State of California, San Diego County, In re Bridgepoint Education
Inc. Shareholder Derivative Litigation, Lead Case No.:
37-2012-00101167-CU-BT-CTL, remains pending and will not be
effected by the proposed dismissal of the Action.
Plaintiff's counsel has notified the Court that Plaintiff sold
all of his Bridgepoint stock and that he no longer has the legal
standing to pursue the Action on behalf of the Company because he
is no longer a Bridgepoint shareholder. The Court ordered the
parties to issue notice of the proposed voluntary dismissal of the
Action to Bridgepoint shareholders and advise them of their right
intervene in the Action. If no other Bridgepoint shareholder
seeks to intervene in the Action, Plaintiff will file a motion with
the Court requesting dismissal of the Action. Any motions to
intervene must be filed with the Clerk of the Court no later than
October 24, 2016. For further
information, including on the information needed for a motion to
intervene, please see the detailed notice at
http://ir.bridgepointeducation.com/files/doc_downloads/BPI-Notice-Exhibit-A-Updated.pdf.
About Bridgepoint Education
Bridgepoint Education, Inc. (NYSE:BPI) harnesses the latest
technology to reimagine the modern student experience. Bridgepoint
owns two academic institutions – Ashford
University and University of the Rockies. Together, these
programs, technologies, and resources represent a unique model for
advancing education in the 21st century. Bridgepoint stands for
greater access, social learning, and exposure to leading minds. For
more information, visit www.bridgepointeducation.com,
www.facebook.com/BridgepointEducation, or call Marianne Perez, Media Relations Manager, at
858.668.2586 x11636.
Contact: Marianne Perez, Media
Relations Manager
858.668.2586 x11636 · marianne.perez@bpiedu.com
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SOURCE Bridgepoint Education, Inc.