Home All Stories SEC notified re: fraudulent Google/ICOA press release

SEC notified re: fraudulent Google/ICOA press release


PRWeb, Vocus PRW Holding’s press release service, issued its own press release to help mitigate the damage caused earlier today by a fraudulent announcement.

The fake news captured a great deal of attention because it claimed Google was paying $400 million to acquire ICOA, a Rhode Island-based company that makes Wi-Fi hotspots for public areas.

Both companies unequivocally and totally denied the story shortly afterwards. But by then, news outlets including the Associated Press and TechCrunch had reported the deal.

Although it would be logical for Google to acquire a Wi-Fi provider, it is highly unlikely that it would pay that much for a company whose shares trade for under a penny and that has a total market cap less than $850,000.

ICOA’s chief financial officer Erwin Vahlsinghas said his company has notified the SEC.

PRWeb said it has “removed the fraudulent release and turned the matter over to the proper authorities for further investigation.”

Related links:

PR Web – PRWeb Statement on Fraudulent ICOA Press Release

CNNMoney – Google’s $400 million Wi-Fi buy a hoax

Associated Press – Google buys Wi-Fi provider ICOA for $400 million [withdrawn, here for reference only]

TechCrunch – Google Acquires U.S. National High-Traffic Broadband Wi-Fi Provider ICOA Inc. For $400M (Update: Nope)

The Register – Claimed $400m Google buyout is fake, ICOA boss warns

Photo by Flickr user archer10 (Dennis), used under Creative Commons license