Las Vegas--Charles "Junior" Johnson, the founder, chairman and CEO of embattled b-to-b exchange software developer PurchasePro Inc., has resigned. Todd Bradley, a former Gateway Inc. executive and a PurchasePro board member, will replace him. Johnson's departure comes as PurchasePro comes under fire from Wall Street, company shareholders and the financial press for its revenue recognition methods. Seventeen lawsuits have been filed against PurchasePro, alleging that Johnson and other PurchasePro executives made misleading overly optimistic comments about the company's financial prospects. Johnson could not be reached for comment. "Nonfactual journalism has come back to bite me in the butt," he recently told Kentucky Business.
"We have 100 times more positive things than we have negative things." The company's stock shares are trading around $3, off a high of $82 14 months ago.