Stock rises for online gaming, porn company

Wednesday, Aug. 25, 1999 | 11:06 a.m.

THE ASSOCIATED PRESS

VANCOUVER, British Columbia -- Shares of Starnet Communications International Inc., an Internet gambling and pornography company, rose as much as 34 percent today after it said no charges were filed against the company following a police raid of its offices on Friday.

Starnet rose 1 3/16 to 5 27/32 in late morning trading. Earlier, the stock rose as high as 6 1/4. The Vancouver-based company's stock tumbled 69 percent on Friday.

The company said its legal counsel has not been notified of any charges. British Columbia's Coordinated Law Enforcement Unit had said that it was investigating possible illegal betting and bookmaking offenses and allegations that Starnet distributed illegal pornography over the Internet.

Starnet's headquarters and the homes of six of its officers and directors were searched.

archive