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BearingPoint



 



BearingPoint Raises $200 Million in Debt Offering

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc. raised $200 million yesterday by selling debt convertible into its stock, easing a potential cash crunch at the McLean consulting firm.



BearingPoint Stock Falls by More Than 30 Percent

Sun, 24 Apr 2005 11:22:54 GMT

Shares of BearingPoint Inc. plummeted more than 30 percent yesterday as investors reacted to news that the Securities and Exchange Commission had begun an informal investigation of the consulting firm's accounting procedures and the company's warning that it may run short of cash.



BearingPoint Cites SEC Inquiry, Warns Investors

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc. said yesterday that the Securities and Exchange Commission has launched an informal investigation into its accounting practices and that its financial statements dating as far back as mid-2002 could be wrong.



McLean Consulting Firm Hires New CEO

Sun, 24 Apr 2005 11:22:54 GMT

McLean consulting firm BearingPoint Inc. yesterday hired a new chief executive and warned investors that it will miss deadlines for filing its 2004 annual report. The company also said it probably will restate earnings for a portion of that year.



Law Forces Struggle to Account for Past Sins

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint is pressed to get its books in shape to meet Sarbanes-Oxley requirements, but the firm told investors late last year that it may not be able to comply by the April deadline.



Wall Street Skeptical of BearingPoint's Plan

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc.'s top executives tried to sell Wall Street analysts on the company's turnaround strategy yesterday but met skepticism because they offered few details.



BearingPoint Hires New Finance Chief

Sun, 24 Apr 2005 11:22:54 GMT

The McLean consulting firm that had to revise its third-quarter financial statements twice because of accounting problems has hired Joseph Corbett as chief financial officer. -The Washington Post



BearingPoint Warns of Continued Turmoil, Acknowledges Subpoena

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc. disclosed more troubles yesterday, saying that it will take a restructuring charge of as much as $67 million and may not be able to report that it has adequate procedures in place to prevent accounting fraud.



BearingPoint's Debt Rating In Jeopardy

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc.'s debt rating could be cut to junk by Moody's Investors Service because of executive departures and disappointing profit.



BearingPoint Leader Plans Shake-Up

Sun, 24 Apr 2005 11:22:54 GMT

Analysts speculate that company is a possible target to be acquired and that big operational changes are in store for the 16,557-person technology consulting firm.
-Ellen McCarthy



BearingPoint CFO Out; Accounting Error Found

Sun, 24 Apr 2005 11:22:54 GMT

McLean technology consulting firm said Sunday that the retirement of its chief financial officer and a $92.9M error on its third-quarter balance sheet are not related.
-The Washington Post



BearingPoint May Strive for Adaptability

Sun, 24 Apr 2005 11:22:54 GMT

Company's interim leader acknowledges criticism by investors and analysts that the company has been slow to adapt to changes in the market in recent years.
-The Washington Post



BearingPoint Chief Blazer Quits; No Reason Given

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc. chairman and chief executive Randolph C. Blazer resigned abruptly yesterday after leading the McLean consulting firm for more than four years.



BearingPoint Wins ID Project at TSA

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc. of McLean won a $12 million contract from the Transportation Security Administration to begin the third phase in the agency's program to create a standard identification card for U.S. transportation employees.



BearingPoint Debt on Review

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc.'s debt was placed on review by Moody's Investors Service yesterday for a possible downgrade to below investment grade on concerns about the McLean consulting company's declining profit.



BearingPoint Opens India Office

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc. has opened an office in India, where engineers will develop software and provide technical support to its clients, the McLean-based technology consulting company said yesterday.



BearingPoint Shares Fall 7 Percent On Report of Accounting Problems

Sun, 24 Apr 2005 11:22:54 GMT

Shares of BearingPoint Inc. of McLean dropped more than 7 percent yesterday after the consulting company said its auditors had found "material weaknesses" in its accounting controls.



BearingPoint Is Sued by Its Shareholders

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc. has become the latest local company to be sued by its shareholders, who say that executives misled investors about the financial health of the company. -The Washington Post



McLean Firm's Stock Falls 23% On Report

Sun, 24 Apr 2005 11:22:54 GMT

BearingPoint Inc., the McLean, Va.,-based international consulting company, lost nearly a fourth of its value yesterday after recording lower-than-expected earnings in its most recent quarter, cutting profits in a restatement of earnings in three earlier quarters and projecting a loss in its current quarter.



BearingPoint to Consult on Iraqi Economy

Sun, 24 Apr 2005 11:22:54 GMT

The McLean-based consulting firm won a one-year contract worth as much as $79.6 million to help rebuild Iraq's economy.