Internet Company Overstated Revenues By $18M: SEC

Law360, New York (March 29, 2006, 12:00 AM EST) -- An Internet company that targeted Spanish and Portuguese speakers in the U.S. and Latin America allegedly overstated its revenues by $18 million over two years, according to a lawsuit filed by the Securities and Exchange Commission.

The SEC has filed a suit against StarMedia Network Inc. alleging that company executives improperly inflated revenues in order to meet profit expectations and to receive approval for additional financing.

StarMedia was delisted by the Nasdaq stock exchange in 2002 and declared bankruptcy shortly thereafter, in December 2003. It has...
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