PurchasePro targeted in SEC probe
Tuesday, Aug. 6, 2002 | 10:55 a.m.
SUN STAFF AND WIRE REPORTS
Las Vegas technology company PurchasePro clarified today that it is under investigation by the Securities and Exchange Commission and said it is cooperating fully with the probe.
In a statement, the software company said it has also provided information to the SEC regarding inquiries into other companies.
The Wall Street Journal and the Washington Post last week first reported that federal regulators were investigating the relationship between AOL Time Warner Inc.'s America Online division and PurchasePro.
PurchasePro confirmed last week there was an investigation, but it was unclear whether PurchasePro was the target. In today's statement, PurchasePro "confirmed the existence of an investigation by the U.S. Securities and Exchange Commission directed towards PurchasePro." PurchasePro stock was unchanged this morning at 29 cents.
An SEC inquiry of AOL was disclosed July 24 on the heels of Washington Post articles that questioned AOL's unconventional accounting techniques. AOL Time Warner has consistently said its accounting is appropriate.
Also last week, America Online said that the Department of Justice joined the SEC probe. The investigators are looking into whether the online division improperly booked revenue from partners such as PurchasePro.
America Online booked advertising revenue by cashing in PurchasePro stock warrants. Normally, equity sales are booked as one-time investment gains, rather than revenue.
archive
- Most Read
- Discussed
- Most E-mailed
- Scientology foe’s arrest raises issue of rights
- ‘Stripper-mobile’ with live dancers raises safety, decency concerns
- Manny Pacquiao, Miguel Cotto arrive at MGM Grand
- Cada cherishes moment as poker’s youngest champ
- Miguel Cotto camp says big cut in June fight an asset now
- $5.1 million later, life goes on for Darvin Moon
- Vegas resorts get new places on Monopoly game board
- Fight snapshot: Arum takes a pot shot during Pacquiao training
- Rebels old and new celebrate anniversary of 1990 title
- Rebels survive scare from Division-II Washburn
Blogs
Shark Bytes
Players on championship team always worked hard (5 Comments)
Sports: Upon Further Review
Fight snapshot: Predictions for Pacquiao-Cotto (1 Comment)
The Kats Report
A lesson in information dissemination, with a little Twitter and a lot of Agassi
Now and Then
Ichabods were tougher than they sound
Politics: Ralston's Flash
I shudder to think what the “amazing door prize from the governor” might be (7 Comments)
Pew Center report finds what others have: Nevada's economy depressed, future in doubt (7 Comments)
Elsewhere
Kelly Pavlik to fight in hometown on Dec. 19 (1 Comment)
Calendar »
- 12 Thu
- 13 Fri
- 14 Sat
- 15 Sun
- 16 Mon
-
Las Vegas Wranglers vs. Utah Grizzlies
Orleans Hotel-Casino
-
Lily Tomlin at the Hollywood Theatre
Hollywood Theatre at MGM Grand
-
Leonard Cohen at The Colosseum
The Colosseum | 8 p.m. to 11 p.m.
-
Football specials at Diablo's
Diablos Cantina
The Sun
Locally owned and independent for more than 50 years.
Technorati










