Google Acquisition Denied
Wikimedia CommonsIn an apparent mix-up at PRWeb.com, Google Inc. (NASDAQ: GOOG) was said to have acquired WiFi hotspot provider ICOA Inc. for $400 million. The CFO of ICOA has now denied that the acquisition has occurred. The original press release,…
In an apparent mix-up at PRWeb.com, Google Inc. (NASDAQ: GOOG) was said to have acquired WiFi hotspot provider ICOA Inc. for $400 million. The CFO of ICOA has now denied that the acquisition has occurred.
The original press release, available here, said that ICOA’s “suite of services and solutions power the unique requirements of high-traffic public locations such as airports, marinas, restaurants and more, while also providing back office solutions for hotspot operators and wireless service providers,” and that “Google looks to diversify it’s [sic] already impressive portfolio of companies.”
That’s all well and good, but ICOA says that the report is false. But that didn’t stop more than a billion shares of the stock — valued at about $0.0001 — from jumping 500% to $0.005 before settling back down to its opening price. This could be a pretty transparent effort by a single investor to pump and dump a penny stock. We’ll see soon enough.
Paul Ausick
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
