WidePoint Corp (WYY) News & EventsWYYWidePoint Corp

WidePoint Shares Drop 55% to $4.93

Shares of WidePoint have resumed trading and are down $6.14, or 55%, to $4.93 after the company provided an update regarding the Government Accountability Office decision concerning the Department of Homeland Security Cellular Wireless Managed Services 3.0 contract and reported that the GAO has notified WidePoint that it has sustained the protest filed by TurningPoint Global Solutions regarding the award.

WidePoint Updates on DHS Contract Protest Progress

WidePoint Corporation provided an update regarding the Government Accountability Office decision concerning the Department of Homeland Security Cellular Wireless Managed Services 3.0 contract. "The GAO has notified WidePoint that it has sustained the protest filed by TurningPoint Global Solutions regarding the award. It is important to note that a 'sustained' protest does not necessarily conclude the procurement process; rather, it is a routine mechanism within federal contracting that may lead to various outcomes, including corrective actions or re-evaluations, as determined by the agency. In accordance with standard federal procurement procedures and the protective order currently in place, the specific findings and recommendations of the GAO decision remain under seal and are not publicly available at this time. The attorneys for the parties are in the process of reviewing the protected decision for potential redactions of sensitive information before a public version of the decision is issued. As a result, the full details of the decision are not yet available to WidePoint or the public. WidePoint is committed to a transparent and thorough process. Once the public decision is issued, the company will work with legal counsel to review the GAO decision and WidePoint's options in response to it, and WidePoint is engaging with DHS to understand the agency's next steps in response to the decision. WidePoint continues to maintain a strong, productive relationship with DHS and remains fully focused on delivering exceptional service and value to all of our federal and commercial clients. Further updates will be provided as appropriate and in accordance with regulatory requirements."

WidePoint Trading Halted, News Pending

WidePoint trading halted, news pending