Shopping.com Expects a Wider Loss
Shopping.com estimated that its loss for the quarter ended April 30 widened to $4.7 million from $347,408 in the year-earlier period. The estimate was included in its notification to the Securities and Exchange Commission that it won’t be filing its quarterly report on time. It said the report, due 45 days after the quarter’s end, will be submitted within five days. Last month, the Corona del Mar-based Internet retailer said sales for the quarter exceeded $891,000. Shopping.com’s founder, Robert McNulty, resigned two weeks ago as chairman and chief executive. He got an $83,000-a-year pay hike above his $175,000 salary to work as a part-time consultant for the company. Shopping.com’s officers and directors, including McNulty, are under investigation by the SEC in connection with possible manipulation of the firm’s stock, company documents show. Shopping.com’s shares rose 6 cents to close at $23.44 in Nasdaq trading.