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intelliot
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 Posted: Sun Aug 15, 2004 10:20 pm Post subject: Playboy Piece Added to Google Prospectus |
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| Quote: | Google founders Larry Page and Sergey Brin gave the interview before the company announced plans to go public. But the timing of the article's publication raises questions about whether the pair violated "quiet period" rules for companies planning an IPO.
Google went ahead with the start of its controversial stock auction as planned late last week.
But the row over the founders' interview with Playboy magazine refused to go away.
The company was forced to take the unprecedented step of amending its prospectus to include a copy of the article -- believed to be the first time a Playboy item has become part of the Securities and Exchange Commission record.
Google also had to clear up several errors made by Sergey Brin and Larry Page in the piece.
Anyone appearing in a skin mag wants to look their best. But the SEC, after a close perusal of the latest edition, decided Sergey Brin and Larry Page went too far in pointing up their company's best assets and airbrushing over a blemish or two.
Setting It Straight
The pair said the company's Gmail service offered 200 times as much storage as major competitors. Wrong. "Competitors have substantially narrowed the gap," the company now admits.
They said Google had 1,000 employees. Wrong. "Currently, we have approximately 2,292," Google says.
The duo said Google's Web site Relevant Products/Services from InterLand Business Hosting Services is used by more than 65 million people a day. Wrong. The true figure is 65 million A MONTH in the United States, the company now says.
In Google's defense, the pair gave the interview four months ago, shortly before the company announced plans to go public. But the timing of the publication raises questions about whether the pair violated "quiet period" rules for companies planning an IPO.
Internet IPO Records Expected
SEC had no official comment. But well-placed sources say the agency plans no further action.
However, the interview leaves Google and its advisers liable to lawsuits if investors prove disgruntled. In theory, Google might even have to buy back all the stock sold to the public next week.
Next week, the company is expected to sell 25.7 million shares at an expected price of up to $135 a share -- pegging the company's value at $36 billion -- Internet records on both counts. |
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