SAN FRANCISCO - Google and wireless Internet network provider ICOA on Monday denied a fake press release saying that the Internet search giant has acquired the Wi-Fi provider for 400 million U.S. dollars.
The fake release, originally from online press release distribution site PRWeb, contained typos and lacked for information like quotations from executives at both companies, but it duped several U.S. media, from popular technology blog site TechCrunch to the Associated Press, to report the "acquisition."
Technology news site AllThingsD first reported the acquisition plan was fake, citing Google sources.
ICOA also denied the press release, saying that it is " absolutely false" and the company "never had any discussions with any potential acquirers." In a statement to TechCrunch, the company said it will report the fake release to the U.S. Securities and Exchange Commission.
"Someone, I guess a stock promoter with a dubious interest, is disseminating wrong, false and misleading info in the PR circles," the company told technology news site CNET.
ICOA's shares temporarily jumped 400 percent Monday morning after the fake acquisition was circulated in the media.