PurchasePro Plunges on Prudential Downgrade
Business-to-business software maker
PurchasePro
(PPRO)
was down 15.4% at midday after
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Prudential Securities
downgraded it to accumulate from strong buy.
The reason cited was lower-than-expected rates of adoption, but the downgrade is also reportedly based on news that a federal prisoner is suing PurchasePro, accusing the company of stealing his ideas.
Prudential said the suit appears to be frivolous but it could hurt investors' perceptions of the company.
