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got slapped on the wrist in one accounting probe but was cleared in another.

The online retailer said Monday that the staff of the

Securities and Exchange Commission

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won't recommend an enforcement proceeding regarding the company's accounting for partnerships it started putting together during the Internet bubble. In a separate case, the company agreed to a cease-and-desist order regarding another company's accounting of a dispute settlement in March 2000.

Amazon shares fell 7% Monday as investors wondered anew about the stock's valuation in light of an article this weekend in


. Still, the stock has risen sharply this year in the wake of the company's first-ever quarterly profit, reported early in 2002, and continuing financial progress since then.

Amazon said the informal probe of accounting treatments and disclosures for some of its strategic alliances won't result in an enforcement proceeding. That probe, first disclosed in October 2000, related to the revenue recognition, equity investments in, and other accounting and disclosure matters pertaining to's commercial and stock purchase agreements with its partners in the Amazon Commerce Network.

In the second matter, regarding accounting at, Amazon consented to a cease-and-desist order without admitting to or denying the SEC's charges. The company said it doesn't face sanctions or monetary penalties in the case.