SPAR Group Working With SEC to Investigate False Internet Message Board Postings
SPAR Group Working With SEC to Investigate False Internet Message Board Postings
Dec 22, 2004
SPAR Group Working With SEC to Investigate False Internet Message Board Postings
The company said the postings were untrue. While it is the company's policy not to comment on rumors, and it does not monitor internet message boards, SPAR is fully cooperating with the SEC's formal investigation regarding these false postings.
Among the postings were two items posted to a message board at http://finance.yahoo.com, one on November 30, 2004, and the other on December 3, 2004. The first posting cited a fabricated company news release supposedly issued by Business Wire, a news distribution service, and falsely alleged that SPAR was expecting a large monetary award. The second posting quoted a fabricated story supposedly written by the Associated Press and falsely claimed that SPAR was entering into a material new contract.
SPAR said upon learning of the false claims, it immediately notified NASDAQ, Business Wire, the Associated Press and Yahoo. The postings were subsequently removed from Yahoo. As a result of the SEC investigation, the company has recently learned that fabricated items also may have been posted on other message boards or websites on the internet.
The company currently posts its press releases and filings with the SEC on its website, www.sparinc.com.
SPAR Group, Inc. is a diversified international marketing services company, providing a broad array of productivity enhancing products and services to help Fortune 1000 companies improve their sales, operating efficiency and profits. The company provides in-store merchandising, in-store demonstrations, technology and research to manufacturers and retailers covering all product classifications and all classes of trade, including mass market, drug store, convenience store and grocery chains, throughout the United States and internationally.
SPAR Group Working With SEC to Investigate False Internet Message Board Postings
TARRYTOWN, N.Y., Dec 22, 2004 -- SPAR Group, Inc. (SGRP) said today it is voluntarily working with the Securities and Exchange Commission (SEC) to investigate false, misleading and inaccurate postings about the company on several Internet message boards.The company said the postings were untrue. While it is the company's policy not to comment on rumors, and it does not monitor internet message boards, SPAR is fully cooperating with the SEC's formal investigation regarding these false postings.
Among the postings were two items posted to a message board at http://finance.yahoo.com, one on November 30, 2004, and the other on December 3, 2004. The first posting cited a fabricated company news release supposedly issued by Business Wire, a news distribution service, and falsely alleged that SPAR was expecting a large monetary award. The second posting quoted a fabricated story supposedly written by the Associated Press and falsely claimed that SPAR was entering into a material new contract.
SPAR said upon learning of the false claims, it immediately notified NASDAQ, Business Wire, the Associated Press and Yahoo. The postings were subsequently removed from Yahoo. As a result of the SEC investigation, the company has recently learned that fabricated items also may have been posted on other message boards or websites on the internet.
The company currently posts its press releases and filings with the SEC on its website, www.sparinc.com.
SPAR Group, Inc. is a diversified international marketing services company, providing a broad array of productivity enhancing products and services to help Fortune 1000 companies improve their sales, operating efficiency and profits. The company provides in-store merchandising, in-store demonstrations, technology and research to manufacturers and retailers covering all product classifications and all classes of trade, including mass market, drug store, convenience store and grocery chains, throughout the United States and internationally.
Contacts: SPAR Group, Inc. Charles Cimitile, 914-332-4100 or PondelWilkinson Inc. Roger S. Pondel or Robert Jaffe, 310-279-5980