William Blair Reiterates Market Perform on LECG Corporation (XPRT)

William Blair & Company is out with a research report this morning, where it reiterates its Market Perform rating on LECG Corporation XPRT; it did not provide a price target for the stock. The WB analysts cited that company’s recent earnings report, which was worse than expected due to lower revenues and profits in the FAS segment. Revenues in the company’s SMART business were also light. They noted that XPRT continues to be hurt by heightened turnover and that the company has seen 33 managing directors leave the company, which is 15% of the total. Cash flows were also weak due to the “choppy demand environment,” as well as higher than average cap-ex costs associated with the recent merger.