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Stock of Bridgepoint Education is up 5.92% to $18.25 this morning as the for-profit education company reported that Bridgepoint's Ashford University received a long-awaited report from the U.S. Department of Education's Office of Inspector General, which investigated the company for four years. Bridgepoint announced that the Office of Inspector General "narrowed the scope related to several findings in their initial draft audit report," including those related to the company's practice of paying recruiters for the number of students they enroll between 2006 and 2007. My guess is that short sellers, who represent a very high 50% of the shares outstanding, are rushing to cover this morning, even without seeing the report. According to Reuters, the final report still includes findings that Ashford is not in compliance on incentive compensation rules and it has miscalculated how much student aid it had to return to the government.
Stock of Bridgepoint Education is up 5.92% to $18.25 this morning as the for-profit education company reported that Bridgepoint's Ashford University received a long-awaited report from the U.S. Department of Education's Office of Inspector General, which investigated the company for four years. Bridgepoint announced that the Office of Inspector General "narrowed the scope related to several findings in their initial draft audit report," including those related to the company's practice of paying recruiters for the number of students they enroll between 2006 and 2007. My guess is that short sellers, who represent a very high 50% of the shares outstanding, are rushing to cover this morning, even without seeing the report. According to Reuters, the final report still includes findings that Ashford is not in compliance on incentive compensation rules and it has miscalculated how much student aid it had to return to the government.