Garrett Harris 7 p.m., May 24
Bridgepoint says internal controls weak, could affect stock
But stock has been rising steadily and sharply over last five days
On May 10, controversial for-profit education company Bridgepoint Education reported that it would delay its quarterly (10-Q) to the Securities and Exchange Commission. Today (May 15) the company reported it had found "a material weakness in internal control over financial reporting" in the area of accounts receivable. Financial reports for last year and the quarter ended in March could contain material misstatements. "We could be required to restate our financial results," says the company. The company's stock may be adversely affected and Bridgepoint may be "unable to maintain compliance with applicable stock exchange listing requirements," says the document.
Since May 9, Bridgepoint stock has moved from $10.50 to $11.54 today. It was up 3.31% today. It is not known if some on Wall Street are anticipating a buyout, a short squeeze, a topside management change, or some other action that would pop the stock further.
More like this:
- Suit charges Bridgepoint cooked books — Feb. 11, 2016
- Bridgepoint's troubles continue — July 25, 2014
- Woes at Bridgepoint, United States University — June 18, 2014
- Bridgepoint restating revenue, earnings — May 30, 2014
- Bridgepoint to be late filing quarterly report with SEC — May 10, 2013