UPDATE: Gentrack shares slump 19 percent to below IPO price on profit warning

Thu, 31 Jul 2014

By Suze Metherell Aug. 1 (BusinessDesk) - Shares of Gentrack Group plunged as much as 19 percent after the airport and utility software company said it won't meet prospectus forecasts for sales and profit because of a customer dispute and a delayed contract upgrade. The share recently traded at $2.20, having dropped as low as $2.10, falling for the first time below its initial public offer price of $2.40 in a sale that raised almost $100 million from new and existing shares in June. Profit in the 12 months ended Sept. 30 is now expected...

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