Tue, Aug 7th 2007 12:35pm
Hoping to capitalize on investor love for Google, search engine Accoona recently filed with the SEC to go public. However, John Battelle did some digging through the company's S-1 filing and finds that this one looks pretty fishy. The company has gotten no traction in its core search business, so in order to goose revenues, the company has bought out a number of money-losing e-commerce firms that have nothing to do with its main business. Other red flags stick out as well, such as the company's assertion that it's got interesting things going on in China, an attempt to associate itself with another hot area. Finally, the company will go public through a Google-like Dutch auction, in a blatant move to build up more hype. Obviously, the IPO window has widened in the past year, as more tech companies have been able to go public. But investors seemed to have kept their wits about them, and it seems highly unlikely that an also-ran search firm that few people have ever heard of will capture the public's imagination.
If you liked this post, you may also be interested in...
- Russia Threatens To Block Access To Facebook, Google And Twitter Unless They Obey New Bloggers Law
- Court Reminds Police That Refusing A Search Isn't Inherently Suspicious Behavior
- New Leak Shows NSA's Plans To Hijack App Store Traffic To Implant Malware And Spyware
- Border Patrol Agents Tase Woman For Refusing To Cooperate With Their Bogus Search
- 2009 DHS Document Says Border Patrol Can Search/Copy The Contents Of Your Device Just Because It Wants To