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Mamma.com (MAMA Quote) said the Securities and Exchange Commission inquiry into trading in its shares has become a formal investigation.
Mamma.com said the investigation is now considering disclosure matters as well as financial reporting and internal controls questions. Shares in Mamma.com were halted Tuesday morning on the Nasdaq.
The Montreal-based Internet search engine said it believes that "as part of its investigation, the SEC may consider matters related to trading in the Company's securities and whether an individual and persons acting jointly or in concert with him may have had a significant influence on the Company in the past as a result of undisclosed shareholdings." ...
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