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Mamma.com below formal SEC investigation

An informal probe of Canadian search engine enterprise Mamma.com, upholstered standard bed by the US Securities Exchange Commission (SEC) has develop into a formal investigation according to a press release sent out earlier this week.The release stated, “The firm believes that as aspect of its investigation, the SEC may perhaps take into consideration matters connected to trading in the corporation’s securities and no matter if an individual and persons acting jointly wingback linen upholstered or in linen upholstered standard concert with him may well have had a important influence on the Firm in the previous as a result of undisclosed shareholdings.”

The investigation stems back to queries with regards to manage and ownership of a significant quantity of shares in the firm, and regardless of whether an person or group of investors worked to influence the enterprise based on previously undisclosed shareholdings. The SEC became interested in Mamma.com when their stock rates all of a sudden started to bounce increasing from $4 – 14 per share over a three-month period in early 2004. Shares closed today Canora Grey Canora Grey in the $three.20 range.

The release went on to say that Mamma.com suspects the SEC will examine, “matters relating to the firm’s financial reporting and internal controls”. Mamma.com announced the loss of its auditor, PricewaterhouseCoopers in early March. That setback upholstered standard bed that created presenting the 2004 financial wingback linen upholstered outcomes not possible by the March 31 deadline imposed by Canadian securities laws.

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