Las Vegas (Aug. 7, 2002) -- Software developer PurchasePro confirmed that it is under investigation by the Securities and Exchange Commission.
Last week federal investigators began looking into the accounting practices at AOL Time Warner, which included exploring that company’s relationship with PurchasePro.
According to published reports, the two concerns forged an agreement about two years ago where AOL would sell PurchasePro software in return for warrants to purchase shares in the Las Vegas-based company at a discount.
The company based here, said it was cooperating with the probe.
--Electronic Accountant Newswire staff
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