Purchase of L90 in Doubt Over Probe

The Securities and Exchange Commission is investigating the financial records of L90 Inc., a Marina del Rey online direct marketer, and issued subpoenas to the company and one of its directors.

The company that had been poised to acquire L90 this month, Los Angeles online entertainment company EUniverse Inc., said that the probe will delay the acquisition at least until March. The cash deal, announced in early January and expected to close this month, was expected to be worth as much as $55 million.

Both the SEC and the company declined to comment on the investigation, though L90 executives added that they have also received a letter from the Nasdaq Listing Investigations requesting information. In addition, the company’s vice president of finance resigned Friday.

L90 officials declined to comment or give the executive’s name, saying only the audit committee of its board of directors, which will conduct its own investigation, will consider the circumstances of the resignation.

P.J. Huffstutter