There’s mass confusion this morning about Google, and wireless internet company ICOA.Everyone from our site, to TechCrunch, to the AP, reported Google paid $400 million for ICOA, a wireless internet company.
ICOA CEO has come out and denied the report. He tells TechCrunch: “This is NOT TRUE!!Never had any discussions with any potential acquirers!! This is absolutely false!”
Arik Hesseldahl at All Things D, says, “Sources at Google are denying reports that the search giant has acquired ICOA Wireless in a $400 million deal.”
Our report was based on this press release from PR Web, which says: “ICOA Inc. Acquired by Google for $400 Million”.
ICOA is a penny stock worth $0.0004, according to Yahoo Finance. It jumped 400% this morning.
If we had to speculate about what happened here our guess would be: Someone bought shares, duped PRWeb into issuing a press release, which duped the media into reporting on the acquisition, which temporarily bumped the stock, which gave someone a quick gain. That person (or persons) will be caught and in a lot of trouble.
Alternate theory on what happened: Someone duped the media to make a point about how media jumps on news too quickly.
We’ll find out which is right soon enough.
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