Eva Knott 4:04 a.m., May 23
Bridgepoint Brass Dumping Stock
Bridgepoint Education chief executive Andrew Clark and chief financial officer Daniel Devine have filed trading plans to sell shares that may be acquired upon the exercise of stock options. The filing by the controversy-plagued for-profit college operation was made to the Securities and Exchange Commission late this week. Clark controls 3.2 million shares, or 5.6% of the common stock outstanding. In the plan, he cannot sell more than 100,437 shares per month. On Aug. 5, Clark acquired 50,297 shares that he had received through an option exercise for 31.5 cents each. He sold them the same day for $16.08. On Aug. 6, he got 100,000 shares for 31.5 cents each and immediately sold them for $15.05.
Bridgepoint's shares plunged 5.85% today (Aug. 13) to $13.51-- less than half their $27.50 high of the last 52 weeks. The for-profit sector got beaten up again. Secretary of Education Arne Duncan called for increased oversight of the schools in a letter to Sen. Tom Harkin, whose Health, Education, Labor and Pensions committee has been calling for reforms among these schools, which account for an inordinately large percentage of student loan defaults.