I recently wrote a positive article on Bridgepoint Education (BPI), titled “Bridgepoint Education: Growth Approaching And Extremely Low Valuation.†That article, as the title said, was premised on growth possibly being around the corner and Bridgepoint trading at an impossibly low valuation.
However, today Bridgepoint is being slaughtered, so what gives?
Let’s start with the main reason. Bridgepoint is being slaughtered because it just announced the prior financials couldn’t be relied upon. That it was doing an accounting restatement of its Q3 2018 earnings.
Restatements are never positive. Not being