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Drkoop Rehires Auditor

November 29, 2000|Reuters

Beleaguered health Web site Drkoop.com Inc. said it rehired PricewaterhouseCoopers as its independent auditor and filed for a secondary offering of 117.7 million shares. The auditor had notified Drkoop.com that it was resigning after the company completed its private placement of $27.5 million of preferred stock and warrants in August. Drkoop.com said that after talks with the company's new management team, PricewaterhouseCoopers agreed to remain as auditor through the completion and filing of the company's third-quarter financial statements and for future periods. In addition, Drkoop.com said it filed two registration statements with the Securities and Exchange Commission related to secondary resales of its stock. The firm said up to 117.7 million shares of its common stock will be offered for sale by trade creditors, business partners and others. The company said it won't receive any proceeds from the resale of the securities. The company posted a wider-than-expected third-quarter loss last month and cut 33% of its work force in August. Its stock rose 3 cents to close at 72 cents on Nasdaq on Tuesday. The stock's 52-week high price was $19.88.

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