SEC Investigating PurchasePro.com
PurchasePro.com Inc. said Tuesday that it is under investigation by the Securities and Exchange Commission and that it is cooperating fully with the probe.
The software company also said it has provided information to the SEC regarding inquiries into other companies.
The Wall Street Journal reported last week that federal regulators are investigating the relationship between AOL Time Warner Inc.’s America Online division and PurchasePro, citing people familiar with the matter.
An SEC inquiry of AOL was disclosed July 24 on the heels of Washington Post articles that questioned AOL’s unconventional advertising deals. AOL Time Warner has consistently said its accounting is appropriate.
PurchasePro.com rose 1 cent to 30 cents on Nasdaq; AOL Time Warner fell 5 cents to $9.90 on the New York Stock Exchange.
