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Wednesday, November 18, 2009
United Online Shares Down On Senate Report
By Darryl R. Isherwood
FOXBusiness
Internet service provider United Online (UNTD) saw its shares drop Wednesday after a U.S. Senate committee issued a report critical of Internet marketing tactics.
The report called practices of certain direct marketing companies misleading. Two units of United Online generate revenue from marketing companies that are the focus of the senate investigation.
In a U.S. Securities and Exchange Commission filing Wednesday, the company said that any changes to industry or company business practice terms could cause a decline in advertising revenue and profit.
The Senate Committee on Commerce, Science and Transportation has been investigating three direct marketing companies – Vertrue Inc., Affinion Group Inc. and Webloyalty Inc. - for nearly a year.
Shares of United Online shed 17% to $7.58 on Wednesday.
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