« Thanks World of Warcraft: Retailer GameStop Kicks Quarter In High Gear | Main | Who Says You Can't Monetize Social Networking? News' Corp's MySpace Revs at $30M p/mo »
March 27, 2007
Intuit Cancels Electronic Clearing House Buy-out
Shares of Electronic Clearing House [ECHO] took a 35% faceplant after the company disclosed a federal investigation into certain customers and said its merger with Intuit [INTU] has been terminated. What a disgrace and what a mess for investors.
Electronic Clearing House said it is cooperating with a federal investigation relating to the company's "Internet wallet" customers at online gaming Web sites that may have violated US anti-gaming laws.. Electronic Clearing House expects to sign a non-prosecution agreement. The company will surrender $2.3M in profits from its Internet wallet customers since 2001.
Posted by Paul at March 27, 2007 10:00 PM
Trackback Pings
TrackBack URL for this entry:
http://www.thealarmclock.com/mt/mt-tb.cgi/3899