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Mamma.com investigated by the SEC

Mamma.com Inc. said Tuesday U.S. securities regulators have launched an informal probe concerning recent activity in its stock, which has almost quadrupled over the past month in highly volatile trading.

The Montreal, Quebec company, formerly Intasys Corp., said it is cooperating with the Securities and Exchange Commission inquiry and knows of no nonpublic information that might "bear upon the recent activity."

"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 (MAMA: down $0.68 to $14.98) shares fell as much as 15 percent Tuesday before bouncing back a bit. It closed at $15.66 Monday on Nasdaq, up from its $4 price range at the beginning of March.

It began its spike in the two days after the company said it swung to a quarterly profit as revenue more than doubled, rising to a high of $15.80 per share March 3.

After easing back gradually to close at $7.86 on March 15 the stock again jumped more than 24 percent March 16 after Mark Cuban, who owns the Dallas Mavericks professional basketball team, said he owned a 6.3 percent stake in the company.

The company, which sold the assets of its Intasys Billing Technologies business in February, provides Web-search marketing services to online advertisers and aggregates search results from search engines such as market leader Google Inc.

Source: CNNfn.com

Posted by nakul at April 6, 2004 10:02 AM | TrackBack