|
PureBytes Links
Trading Reference Links
|
================================================================
Headline: OnlineTrading.com, Omega Merger Delayed By SEC Review
================================================================
WASHINGTON -(Dow Jones)- Onlinetradinginc.com Corp.'s (LINE) pending
merger with Omega Research Inc. (OMGA) has been delayed because of the
Securities and Exchange Commission's review of a Form S-4 filed in
connection with the merger.
Onlinetradinginc.com said in its quarterly report filed Wednesday with
the SEC that the federal agency has advised Omega Research that it
disagrees with the timing of when Omega Research recognizes licensing
fee revenue from the sales of its legacy client software.
Onlinetradinginc.com said the discussions won't affect revenue
recognition for the Internet subscription services or other revenue that
constitute substantially all of Omega Research's business or any of
Omega Research's planned service offerings that are expected to generate
a majority of its revenue in the future.
Omega Research, which provides branded real-time trading tools for
online traders, is still in discussions with the SEC and expects a final
resolution shortly, the filing said.
Although Onlinetradinginc.com said it's uncertain what the ultimate
outcome of the discussions will be, it said that if any change is made,
Omega Research's quarterly results could vary materially.
Onlinetradinginc.com and Omega Research entered into a merger
agreement on Jan. 19. Under the deal, Omega Research shareholders will
receive one common share of Onlinetradinginc.com for each Omega Research
share.
Onlinetradinginc.com is an online financial services company that
allows individuals and small and medium-sized financial firms to trade
stocks via the Internet.
-By Donna Hemans, Dow Jones Newswires/Federal Filings Business News;
202-628-7691; donna.hemans@xxxxxxxxxxxx
(This story was originally published by Dow Jones Newswires)
Copyright (c) 2000 Dow Jones & Company, Inc.
All Rights Reserved
================================================================
|