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Despite Reports Google Did Not Just Buy ICOA

Posted by samzenpus on from the someone's-in-trouble dept.

alphatel writes "In an odd PRWeb snafu, a press release was issued citing sources at Google as having acquired wireless carrier ICOA for $400 million. In full-out retraction, both companies denied the deal outright. Is this a case of pre-release or simply false PR by a third party? Could such incidents be used for pump and dump schemes?" ZDNet reports that, "at midday, more than 3 billion shares (pink sheets) traded over the counter for ICOA."

7 of 55 comments (clear)

  1. Sound like the usual pink sheet scam by aepervius · · Score: 4, Informative

    1) somebody buy some pink sheet stocks over quite some time for a cheap price
    2) spread rumor as to make the price spike.
    3) profit. There is no "????".


    Heck some even attempted to use spam to spread pink sheet scam, attempting to sell those as good sale.

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    1. Re:Sound like the usual pink sheet scam by Brett+Buck · · Score: 2

      The SEC will likely be interested in this topic as well. Maybe whoever did it can get the cell next to Martha Stewart.

         

    2. Re:Sound like the usual pink sheet scam by squiggleslash · · Score: 3, Interesting

      Quite. In my experience, most large corporations, and quite a few small ones, have memos lying around reporting a forthcoming sale to Google. Only last week there was a near riot when Exxon corporation nearly released their's.

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  2. rather implausible reports to start with by Trepidity · · Score: 4, Informative

    Consider ICOA has a market cap of around $800,000, Google would have to be really shit at negotiating to acquire them for $400 million.

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  3. ICOA.PK pump and dump by Animats · · Score: 3, Informative

    The ticker symbol is ICOA.PK. This is an operating company? The stock has been around $0.0001. Even on the Pink Sheets, companies don't usually go that low. There are 3.49 billion shares outstanding. That's a market cap of $349,000. With the frantic trading today, the price briefly went all the way up to $0.0004.

    1. Re:ICOA.PK pump and dump by terraformer · · Score: 3, Informative

      Right, the stock ticker and the wireless company aren't the same, which means there are a lot of dumb people out there.

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  4. Re:Maybe it was IKEA? by Zontar_Thing_From_Ve · · Score: 2

    Aren't the "...in soviet russia" jokes more than played out now???? Srsly....

    Indeed. More accurate would be:
    In Soviet Russia, IKEA not exist. People buy furniture at local GUM!
    (GUM is the Russian abbreviation for Glavnyi Universalnyi Magazin or Gosudarstvennyi Universalnyi Magazin, which was the state run department store in largish cities in the old Soviet Union)