LONDON (Alliance News) - Mobile marketing InternetQ PLC on Thursday noted a sharp decline in its share price, and said it "strongly" refutes assertions made in a blog post, although it said that it will "of course" review the allegations made.
Shares in InternetQ were down 52% at 64.60 pence Thursday morning, having fallen as low as 59.00p earlier in the session, a new 52-week low for the stock.
The announcement followed a blog post from website ShareProphets questioning the company's business model. InternetQ said it does not normally comment on such matters, however, given the "factual inaccuracies" in the post it has chosen to refute the conclusions drawn.
It also said it had not been contacted by the author of the blog post ahead of publication.
The blog post draws comparisons between InternetQ and fellow Greek, formerly AIM-listed, company Globo PLC, which went into administration in November in the wake of a scandal surrounding its finances, after US hedge fund Quintessential Capital Management published a report in which it accused Globo of "massively overstating" its revenue and profit. The post queries whether similarities between the two businesses go deeper than just a superficial level.
InternetQ confirmed that its trading remains in line with management expectations, and there has been no material change to its operational or financial performance since its third quarter trading update last month.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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