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...
- YouTube Wins This Round In Germany In The Stupid Neverending War With GEMA Over Streaming Rates
- DailyDirt: Winning Isn't Everything
- Court Points Out The Fourth Amendment Still Protects Public School Students From Illegal Searches
- Book Publisher Has No Idea How Google Works But Pretty Sure It Could End Piracy If It Tried
- No, Google Isn't 'Pushing' People To Vote For Bernie Sanders