LAS VEGAS PurchasePro.com shares fell 14% after Barrons wrote that the company, which runs e-procurement websites, made some investors wary with liberal accounting methods and a lack of a CFO. The shares dropped $3.63 to $21.50. They have fallen 52% since late September 2000.
The company has had four CFOs in about four years, and some investors say PurchasePro.coms other managers have little experience or technical knowledge. The company, whose biggest customer is Hilton Hotels Corp. and which has a market value of about $1.4 billion, likely had sales of about $61.7 million last year. The company is scheduled to issue its results February 12, 2001. (2/6/01)
SOURCE: Bloomberg L.P.