Thread regarding QuinStreet Inc. layoffs

QuinStreet client in Chronicle expose. May lose GI Bill funding

Check out the Chronicle of Higher Education's expose on Bridgepoint (Ashford University), a client of QNST.

"This does not pass the smell test," said Carrie Wofford, president of Veterans Education Success. "How could a company that’s headquartered in California hastily open a tiny office in Arizona, pull a lot of political strings, and get Arizona to recognize the tiny office as the main campus of a national university?"

"A few days later, after The Chronicle asked the VA if GI Bill funding to Ashford could be considered an "improper payment" under federal law, the agency shifted its stance. On Thursday, VA officials notified Ashford that it was in violation of GI Bill rules, and that it had 60 days to comply with the law. If that doesn’t happen, the VA says it will halt GI Bill aid for Ashford’s veteran students."

http://www.chronicle.com/article/Inside-the-Scramble-to-Save/241747?key=qKOizpSr6tYhge4Kr3nuPR4G0jU0kD4SNRgWfeBiUL0s8f8NC7tGn_I8aWxCbcGsTGdLb3QyNkNfdmpTbEg0ZzI0a2RyN3FVaUdCWXJKT05fNFBWamxLU2o5QQ

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Post ID: @OP+QfObo6L

4 replies (most recent on top)

Now it looks like Warburg Pincus, which owns 25.9% of Bridgepoint shares, is trying to divest.

https://www.sec.gov/Archives/edgar/data/1305323/000130532317000102/prelimprospectussupplement.htm

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Post ID: @6ucm+QfObo6L

It actually may be worse. Bridgepoint could lose their DOD TA money and be out of compliance for the 90-10 rule.

https://www.huffingtonpost.com/entry/bridgepoint-sec-filing-raises-questions-about-continued_us_5a0b3a78e4b06d8966cf3318

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Post ID: @2osh+QfObo6L

What could be worse? It looks like the CEO of Bridgepoint just sold off 54,075 shares. Or am I reading it wrong?

http://www.nasdaq.com/symbol/bpi/sec-filings

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Post ID: @2nzq+QfObo6L

It gets worse...

"Ashford University on Tuesday suspended enrollment of students using GI Bill benefits, according to a corporate disclosure filed on Wednesday. The for-profit institution, based in San Diego, made the decision days after the U.S. Department of Veterans Affairs notified Ashford that it is not in compliance with federal standards."

http://www.chronicle.com/article/After-Chronicle-Investigation/241783?cid=wcontentlist_hp_latest

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Post ID: @2wsw+QfObo6L

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