Ants Software Stock Falls; Disclosure of Test Results Cancelled
Burlingame, California, March 31 (Bloomberg) -- Ants Software.com Inc. shares fell as much as 18 percent after the company, which says it has found a way to significantly speed data processing, cancelled its plan to make test results on that product available to potential customers.
Ants was down 2 3/4 to 15 3/4 on mid-day trading of 186,700 shares, after dropping as low as 15 1/8.
Two weeks ago, the company said the Securities and Exchange Commission was investigating possible fraud in connection with trading in the company's shares.
Thomas Binford, Ants managing director for research and development, said in a press release today that the Burlingame, California-based company no longer plans to link its technology specifically to the accounting systems of Lawson Software of Minneapolis, as announced last year. Instead, Ants is working to make its software compatible with a broad range of vendors, he said.
In December, the 20-year old Ants, which has no sales, hired Binford, a former Stanford University professor, to supervise the tests of its product. It said then that the results would be available by today.
Neither Binford nor chief executive Frederick Pettit was available for comment on today's press release.
Ants lost $663,335, or 5 cents a share, in the quarter ended Jan. 31.
Mar/31/2000 12:48
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