Las Vegas Sun

March 22, 2010

Currently: 55° | Complete forecast | Log in

PurchasePro shares hit all-time low

Thursday, May 24, 2001 | 10:44 a.m.

In a move further eroding investor and analyst confidence, Las Vegas-based PurchasePro said today it may have to adjust and restate its first quarter earnings numbers -- again.

The business-to-business e-commerce company will not be issuing its already-tardy quarterly SEC financial report until PurchasePro officials and the firm's auditors review accounting issues over the company's first-quarter figures, the company said this morning, adding the review likely will lead to another restatement of the numbers.

PurchasePro shares in mid-day trading today plunged 30 percent or 79 cents to an all-time low of $1.69. Its 52-week high of $47.75 was reached Sept. 29.

The first-quarter ended March 31, and the report was due to be filed with the SEC last week.

This news comes after PurchasePro issued a last-minute warning of a revenue shortfall April 25, then hours later canceled its conference call to discuss its financial report with investors so its accounting team could take an extra day to double-check the figures.

The tardy earnings the company released the next day disappointed investors and then turned out to be wrong, the company said this week, the day after its founder Charles Johnson Jr., either quit or was fired.

PurchasePro, a 4 1/2 year-old Internet company, develops marketplaces for buinesses to buy and sell products online. It employs a staff of 500-plus.

PurchasePro also said this morning that due to the late SEC filing, its trading symbol on the Nasdaq Stock Market changed to PPROE.

archive

Spotlight

Elvis

Elvis

A look at the enduring bond between Las Vegas and Elvis

NASCAR Weekend

NASCAR Weekend

Full coverage of NASCAR weekend at the Las Vegas Motor Speedway

Miss America

Miss America

Stories, photos and videos from this year's pageant

CityCenter

CityCenter

The definitive guide to MGM Mirage's newest property

New Year's Eve

New Year's Eve

Full coverage of New Year's Eve 2009

Sights Unseen

Sights Unseen

A collection of our favorite images that didn't run in 2009

Bottoming Out

Bottoming Out

Gambling addiction in Las Vegas

Funny Face

Funny Face

Carrot Top's stage act a mask of contradictions

Renewable Energy

Renewable Energy

A detailed look at where renewable-energy sources are located in the state

A gamble in the sand

A gamble in the sand

The history of Las Vegas

Guest Gauge

Guest Gauge

The weekend crowd forecast for Las Vegas

CES 2010

CES 2010

Full coverage of the International Consumer Electronics Show

  • Most Read
  • Discussed
  • Most E-mailed

Calendar »

  • 22 Mon
  • 23 Tue
  • 24 Wed
  • 25 Thu
  • 26 Fri