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Federal Contractor Misconduct Database (FCMD)

The federal government routinely awards contracts to companies with histories of misconduct, including contract fraud and other violations. POGO believes that providing this website will help to improve contracting decisions and increase public knowledge of how the government spends billions of taxpayer dollars each year. Read more…

Berman, et al. v. BearingPoint (Securities Fraud)

In August 2003, BearingPoint announced it had overstated its net income and earnings in fiscal year 2003 by $10.8 million, causing its stock value to immediately plummet. Shareholders filed a securities fraud class action against BearingPoint in federal court in the Eastern District of Virginia. The plaintiffs alleged that, during 2002 and 2003, BearingPoint disseminated false and misleading information about the company’s financial status, in violation of the Securities Exchange Act of 1934. In April 2004, the court gave preliminary approval to a proposed settlement agreement for $1.7 million.

Misconduct Type
Securities
Enforcement Agency
Non-Governmental
Contracting Party
None
Court Type
Civil
Disposition
Settlement
Date of Filing
8/20/2003
Contractors Involved Penalty
Total
BearingPoint Inc. $1,700,000
Further Information Released
Settlement Notice 2/29/2008
Complaint 5/4/2007

Federal Contractor Misconduct Database