Sun, 24 Apr 2005 11:22:54 GMTBearingPoint Inc. raised $200 million yesterday by selling debt convertible into its stock, easing a potential cash crunch at the McLean consulting firm.
Sun, 24 Apr 2005 11:22:54 GMTShares 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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTMcLean 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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTThe 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
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint Inc.'s debt rating could be cut to junk by Moody's Investors Service because of executive departures and disappointing profit.
Sun, 24 Apr 2005 11:22:54 GMTAnalysts 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.
Sun, 24 Apr 2005 11:22:54 GMTMcLean 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.
Sun, 24 Apr 2005 11:22:54 GMTCompany'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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint Inc. chairman and chief executive Randolph C. Blazer resigned abruptly yesterday after leading the McLean consulting firm for more than four years.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTShares 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.
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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
Sun, 24 Apr 2005 11:22:54 GMTBearingPoint 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.
Sun, 24 Apr 2005 11:22:54 GMTThe McLean-based consulting firm won a one-year contract worth as much as $79.6 million to help rebuild Iraq's economy.