Newsletters
News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
This ad will display for the next 20 seconds. Click for more information, or
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
Mobile Tech
24/7/365 Network Uptime!
Average Rating:
Rate this article:  
Scammer Faked News of Google Buying ICOA for $400M
Scammer Faked News of Google Buying ICOA for $400M

By Jennifer LeClaire
November 26, 2012 12:08PM

    Bookmark and Share
"We are investigating the source, so far it originated from Aruba," said ICOA CEO George Strouthopoulos of the hoax about Google buying his company. "This is not true. Never had any discussions with any potential acquirers! This is absolutely false! Someone, I guess a stock promoter with a dubious interest, is disseminating wrong, false and misleading info."
 



Stock in wireless hotspot provider ICOA quintupled when news reports began circulating Monday morning that Google had acquired it for $400 million. The only problem was the report was a hoax.

A Google spokesperson told us the company had not acquired ICOA for any amount and ICOA's chairman and CEO also told us directly that news of the acquisition was "absolutely false."

PR Web, a widely used press-release distribution service, had distributed a release announcing the acquisition. A representative at PR Web could not immediately be reached for comment, although a recorded message instructs callers to contact companies mentioned in press releases about any questions related to a release.

A Flurry of Reports

Based on the hoax press release, news media quickly began reporting the acquisition as fact. ZDNet was among the first to report the story. Forbes also reported on the "acquisition" and GigaOM offered reasons why Google would acquire the company. The Associated Press moved a story, then later retracted it.

PC Magazine offered a statement from Google taken from the news release, reporting "Google said it made the acquisition to 'further diversify its already impressive portfolio of companies.' The Web giant did not elaborate about its motivation for the deal."

ICOA, a penny stock trading over the counter, spiked to quintuple its value, trading at 5 cents a share before the acquisition was denied.

The Truth Comes Out

George Strouthopoulos, chairman and CEO of ICOA, told us the press release was a hoax.

"We are investigating the source, so far it originated from Aruba," Strouthopoulos said. "This is not true. Never had any discussions with any potential acquirers! This is absolutely false!"

"Someone, I guess a stock promoter with a dubious interest, is disseminating wrong, false and misleading info in the PR circles. ICOA will report this to the proper authorities."

Who Is ICOA?

ICOA, Inc. (www.icoacorp.com) is based in Warwick, Rhode Island. The company's website says that as of 2006, it owned or operated broadband access installations in high-traffic locations like airports and hotels across 45 states, also providing back-office solutions for hotspot operators and wireless service providers.

However, the most recent press release on ICOA's site was from December 2010, indicating the company has not been very active in recent years, at least on the PR front. Thus, it's rather ironic that a bogus press release would put the company at the top of today's tech and business news.

Questions still remain at this hour as to who issued the phony news release and whether it was done intentionally to manipulate the near-zero price of the company's stock.
 

Tell Us What You Think
Comment:

Name:



Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.


 Mobile Tech
1.   Is the Amazon Fire Phone a Winner?
2.   Review: Amazon's New Fire Phone
3.   Apple Smart Watch Patent Surfaces
4.   iPhone 6: Bad for Apple Tablet Sales?
5.   GoTenna: Work-Thru for Dead Zones


advertisement
Android SMS Worm on the Loose
Malware lets bad actors cash in.
Average Rating:
Is the Amazon Fire Phone a Winner?
It coulda been a contender -- but isn't.
Average Rating:
Review: Amazon's New Fire Phone
New ways to navigate, discover, shop.
Average Rating:


advertisement
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Researchers Working To Fix Tor Security Exploit
Developers for the Tor privacy browser are scrambling to fix a bug revealed Monday that researchers say could allow hackers, or government surveillance agencies, to track users online.
 
Wall Street Journal Hacked Again
Hacked again. That’s the story at the Wall Street Journal this week as the newspaper reports that the computer systems housing some of its news graphics were breached. Customers not affected -- yet.
 
Dropbox for Business Beefs Up Security
Dropbox is upping its game for business users. The cloud-based storage and sharing company has rolled out new security, search and other features to boost its appeal for businesses.
 

Enterprise Hardware Spotlight
Microsoft Makes Design Central to Its Future
Over the last four years, Microsoft has doubled the number of designers it employs, putting a priority on fashioning devices that work around people's lives -- and that are attractive and cool.
 
Contrary to Report, Lenovo's Staying in Small Windows Tablets
Device maker Lenovo has clarified a report that indicated it is getting out of the small Windows tablet business -- as in the ThinkPad 8 and the 8-inch Miix 2. But the firm said it is not exiting that market.
 
Seagate Unveils Networked Drives for Small Businesses
Seagate is out with five new networked attached storage products aimed at small businesses. The drives are for companies with up to 50 workers, and range in capacity from two to 20 terabytes.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | Data Storage | CRM Systems | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech
Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.