SEC launches investigation into Mamma.com shares
7 April 2004
The US Securities and Exchange Commission has reportedly started an informal inquiry into recent trading activity in the stock of internet search engine Mamma.com Inc.
The company announced yesterday that it was not aware of any information it has not already made public, which might have led to the search engine's stock price almost quadrupling in the past month.
Montreal-based Mamma.com, formerly Intasys Corp, insisted that it was cooperating fully with the SEC inquiry and is confident that it is in full compliance with regulations.
"We are confident that all information and disclosures are fully compliant with all applicable accounting practices and all SEC and other regulatory disclosure requirements," David Goldman, executive chairman of Mamma.com, said in a statement.
Mamma.com shares fell $1.54, or 9.8 per cent on Tuesday, closing at $14.12.
The search company's stock shot up in the two days after it reported a strong quarterly profit, dropping back over the following two weeks, before leaping again after Mark Cuban, who owns the Dallas Mavericks basketball team, said he owned a 6.3 per cent stake in the company.
Mamma.com reported net income of $85,365 on revenue of $3.06 million for the quarter ended December 31st 2003. For the year it had a loss of $211,063 on revenue of $8.94 million.
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