Wi-Fi company contacts SEC over false reports of Google deal

ICOA, a Wi-Fi hotspot provider, contacted the Securities and Exchange Commission on Monday after a press release falsely claimed that Google had agreed to buy the company for $400 million.

Both companies confirmed there was never any deal.

George Strouthopoulos, ICOA's CEO, said in an email that the press release, which was posted on PRWeb.com, was "absolutely false" and a "hoax."

"Someone, I guess a stock promoter with a dubious interest, is disseminating wrong, false and misleading info in the PR circles," he wrote.

Erwin Vahlsing, the company's chief financial officer, said he asked the SEC to stop the trading of ICOA stock. 

But many news outlets, including the Associated Press, reported on the deal and had to retract their stories.

ICOA shares are listed on an over-the-counter market called OTC Pink. The stock trades for less than a penny, but the false news caused it to briefly spike from $0.0001 to $0.0004. 

The SEC declined to comment.

---