WidePoint Shares Fall After Government Contract Award Faces Challenge
MT Newswires Live09-26
WidePoint (WYY) shares slumped 56% in Friday trading after the company said a protest filed by TurningPoint Global Solutions over a federal cellular-services contract award had been upheld.
WidePoint said an upheld protest does not automatically end the procurement and may result in a corrective action or a reevaluation.
The company said the Government Accountability Office decision on the Department of Homeland Security contract remains under seal and that it will review the public version once available and evaluate its options with legal counsel.
Price: 4.91, Change: -6.16, Percent Change: -55.65
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