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Mamma.com Probed By SEC
WebProNews
Staff Writer
2004-04-06
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Citing volatile trading, the SEC has launched an informal probe concerning the activity of Mamma.com's stock. Stock prices for the Canadian-based search engine have quadrupled in the past month.
Mamma's stock prices have fluctuated between $4 and $15.80, a difference of about 25% (the stock closed yesterday at $15.66). The company is cooperating with the SEC probe and knows of no nonpublic information that would've been helpful or harmful to investors.
Some of the attention that Mamma.com garnered came from the news that Dallas Maverick owner Mark Cuban owned 6.3% of the search engine's stock. The announcement saw Mamma's stock jump 24% from $7.86.
Speaking to Reuters, David Goldman, executive chairman of Mamma.com, said, "we are confident that all information and disclosures are fully compliant with all applicable accounting practices and all SEC and other regulatory disclosure requirements."
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