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Value America's Future in Doubt

March 31, 2000|Bloomberg News

Value America Inc., the Internet computer retailer whose shares have fallen 94% from last year's high, was told by its auditors that they have "substantial doubt" about its ability to stay in business. PricewaterhouseCoopers said that the company "has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern," according to an audit report included in a regulatory filing. Value America officials couldn't be reached for comment. Charlottesville, Va.-based Value America went public last April by selling shares for $23 apiece. The stock, which traded as high as $74.25 on the company's first day of trading, closed off 6 cents at $3.50 on Nasdaq.

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