Bridgepoint Education announced today (Jan. 25) that the Massachusetts attorney general is investigating whether the company's business practices comply with the state's consumer protection laws. Bridgepoint recently settled with Iowa for $7.25 million and is under investigation in California, New York, and North Carolina.
The multistate investigation was revealed in a filing with the federal Securities and Exchange Commission. Bridgepoint also said today it has received a subpoena from the SEC relating to accounting practices. This results from Bridgepoint's earlier announcement that it is revising financial statements for the years 2011 and 2012 and that its internal controls are weak. The company said it will cooperate with both Massachusetts and the SEC.